23 Dec 2018

7.) At the level of output where marginal revenue equals marginal cost, assume that the price of a competitive firm's product is between the firm's average total cost curve and its average variable cost curve. In this case the firm would
A. decrease output to reduce the costs.
B. continue to operate in the short run.
C. shut down.
D. increase output to increase profit.
8.) The lowest point on the firm's long-run supply curve is
A. the shutdown point.
B. the break-even point.
C. between the shutdown point and the break-even point.

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Trinidad Tremblay
Trinidad TremblayLv2
25 Dec 2018

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