A firm will shut down permanently if total revenue is not sufficient to pay for total costs in the ...

A firm will shut down permanently if total revenue is not sufficient to pay for total costs in the long run.
a. True
b. False
Indicate whether the statement is true or false

QUESTION 2

If the demand curve facing a monopoly was 1 unit at 7, 2 units at 6, 3 units at 5, 4 units at 4, and 5 units at 3, the marginal revenue from selling the third unit of output:
a. is 5.
b. is 4.
c. is 3.
d. is 1.

QUESTION 3

Industries that are truly critical to the national defense should be protected from foreign competition if that is the only way to ensure their existence.
a. True
b. False
Indicate whether the statement is true or false

QUESTION 4

The highest price you are willing to pay for a pair of jeans is 20 . However, you are able to purchase it for 14 . This implies 6 is the producer surplus.
Indicate whether the statement is true or false

QUESTION 5

In the long-run, the entry of new firms in a competitive market shifts the aggregate supply curve to the left.
a. True
b. False
Indicate whether the statement is true or false

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A firm will shut down permanently if total revenue is not sufficient to pay for total costs in the ...

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