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Home Q & A Board Other Fields Homework Help Business Economics
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Izzydhindsa Izzydhindsa
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5 years ago

Question 1.

When firms earn above normal rates of return



▸ they are able to raise their prices to increase their profits.

▸ they are earning positive profits and new firms are likely to enter the industry.

▸ they tend to leave the industry and seek profits elsewhere.

▸ they are still breaking even economically.

Question 2.

If total revenue exceeds the total cost of production, a firm



▸ earns a profit.

▸ suffers a loss.

▸ breaks even.

▸ shuts down.
Textbook 
Principles of Economics

Principles of Economics


Edition: 12th
Authors:
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JlynnJlynn
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5 years ago
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Izzydhindsa Author
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#2
5 years ago
Thanks
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#3
4 years ago
Thank you
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