This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: A firm is earning an economic profit. In the short run the firm should ________. In the long run the ... (Read 101 times)

chandani

  • Hero Member
  • *****
  • Posts: 541
on: Apr 19, 2019

Question 1

Billy Bob's Fertilizer Engineers, a perfectly competitive firm, is incurring a loss, but the price is still above minimum average variable cost. Then in the short run this firm should ________, and in the long run, if there is no change in economic conditions, this firm should ________.


◦ shut down; exit the industry
◦ shut down; expand
◦ produce where 
MR = 
MC; exit the industry
◦ produce where 
MR = 
MC; expand

Question 2

A firm is earning an economic profit. In the short run the firm should ________. In the long run the firm should probably ________.


◦ shut down; expand
◦ produce where 
MC = 
MR; leave the industry
◦ produce where 
MC = 
MR; expand
◦ shut down; exit the industry
Principles of Economics ¦ Case, Fair, Oster ¦ 12th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by chandani on Apr 19, 2019

mochi09

  • Sr. Member
  • ****
  • Posts: 335
Reply #1 on: Apr 19, 2019
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 25% of students answer this correctly


chandani

  • Hero Member
  • *****
  • Posts: 541
Reply #2 on: Apr 19, 2019
Thanks


mochi09

  • Sr. Member
  • ****
  • Posts: 335
Reply #3 on: Apr 19, 2019
Welcome :)


« previous next »
 

Did you know?

Everyone has one nostril that is larger than the other.

Did you know?

Hypertension is a silent killer because it is deadly and has no significant early symptoms. The danger from hypertension is the extra load on the heart, which can lead to hypertensive heart disease and kidney damage. This occurs without any major symptoms until the high blood pressure becomes extreme. Regular blood pressure checks are an important method of catching hypertension before it can kill you.

Did you know?

Always store hazardous household chemicals in their original containers out of reach of children. These include bleach, paint, strippers and products containing turpentine, garden chemicals, oven cleaners, fondue fuels, nail polish, and nail polish remover.

Did you know?

People about to have surgery must tell their health care providers about all supplements they take.

Did you know?

Earwax has antimicrobial properties that reduce the viability of bacteria and fungus in the human ear.

Overview of material uptake and long-distance transport processes in plants Overview of material uptake and long-distance transport processes in plants
The Hippocampal Formation and Long-Term Potentiation The Hippocampal Formation and Long-Term Potentiation
Economic and Social Development Economic and Social Development
Brush off the back. Apply several long brushing strokes from head to hips to finish the session. Brush off the back. Apply several long brushing strokes from head to hips to finish the session.
IPCC economic scenarios IPCC economic scenarios
economic question economic question
Video: The life cycle of protein

For a complete list of videos, visit our video library