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Author Question: If a perfectly competitive firm operates in the short run and expands in the long run, then the ... (Read 49 times)

OSWALD

  • Hero Member
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  • Posts: 580
on: Apr 19, 2019

Question 1

If 
TR < 
TVC, a firm would ________ in the short run and ________ in the long run.


◦ operate; expand
◦ operate; exit the industry
◦ not operate; expand
◦ shut down; exit the industry

Question 2

If a perfectly competitive firm operates in the short run and expands in the long run, then the firm's short run condition is


◦ TR > 
TC.
◦ TR >
TVC and 
TR < 
TC.
◦ TR < 
TVC.
◦ TR < 
TFC.
Principles of Economics ¦ Case, Fair, Oster ¦ 12th Edition
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zogaridan

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  • Posts: 328
Reply #1 on: Apr 19, 2019

Answer 1

shut down; exit the industry

Answer 2

TR > 
TC.


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