if false, correct the statement. explanations would be really helpful! 1. The ma

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if false, correct the statement. explanations would be really helpful! 1. The marginal cost (MC) curve shifts up if fixed costs increase. 2. A firm can always recoup (recover) its fixed costs by ceasing production and selling off its fixed inputs. 3. Highest profits are found by maximizing the difference between total revenue and total cost. 4. If the output price (Py) increases and the cost of production remains unchanged, the profit-maximizing firm will increase output until its new marginal revenue (MR) is equal to its marginal cost (MC). 5. The break-even point of zero profits occurs when average cost (ATC) equals the average revenue (which, in fact, is the price of output, Py) 6. In the short run, a firm will stay in business, even taking a loss, as long as the output price (Py) is greater than the minimum of the firm's Average Total Cost (ATC).

Explanation / Answer

true true true false true true

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