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Author Question: A firm is earning an economic profit. In the short run the firm should ________. In the long run the ... (Read 33 times)

chandani

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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
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Marked as best answer by chandani on Apr 19, 2019

mochi09

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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.
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chandani

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Reply #2 on: Apr 19, 2019
Thanks


mochi09

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Reply #3 on: Apr 19, 2019
Welcome :)


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