Which statement is correct? Answer To maximize profits a firm should produce at

Question

Which statement is correct? Answer To maximize profits a firm should produce at that output at which total revenue is greatest In long-run equilibrium a competitive firm will produce at the point of minimum average costs A competitive firm will produce in the short run so long as total receipts are sufficient to cover total fixed costs A competitive firm will close down in the short run whenever price is less than the minimum attainable average total cost Which statement is correct? To maximize profits a firm should produce at that output at which total revenue is greatest In long-run equilibrium a competitive firm will produce at the point of minimum average costs A competitive firm will produce in the short run so long as total receipts are sufficient to cover total fixed costs A competitive firm will close down in the short run whenever price is less than the minimum attainable average total cost To maximize profits a firm should produce at that output at which total revenue is greatest In long-run equilibrium a competitive firm will produce at the point of minimum average costs A competitive firm will produce in the short run so long as total receipts are sufficient to cover total fixed costs A competitive firm will close down in the short run whenever price is less than the minimum attainable average total cost

Explanation / Answer

A competitive firm will close down in the short run whenever price is less than the minimum attainable average total cost----correct answer-100% sure

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