This firm\'s most Profitable output is at 44. 58. 63. 75. 87. If the firm operat

Question

This firm's most Profitable output is at 44. 58. 63. 75. 87. If the firm operates in the short run and goes out of business in the long run, then the price must be between the shut-down point and the break-even point. above the break-even point. below the shut-down point. may be anywhere. If price is between the shut-down and break-even points, in the short run the firm will _________and in the long run the firm will _________. operate, go out of business operate, stay in business shut down, go out of business shut down, stay in business Which statement is true? A firm will operate in the short run if total revenue are greater than variable costs. A firm will shut down if variable costs are greater than total revenue. A firm is operating at peak efficiency if its average total cost si held to a minimum. All of the above.

Explanation / Answer

11. B

12. A

13. A

14. D

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