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What is the “shut down rule” for a firm offering to sell its product in a highly competitive market?
A. Shut down unless average revenue equals or exceeds average fixed costs.
B. Shut down if total revenue is less than total variable cost.
C. Offer a particular quantity of a product for sale, but only if average total costs of doing so are less than average revenue.
D. Shut down if it is not possible to operate without incurring a loss.
E. None of the statements in A—D accurately describe the shutdown rule for a monopolist.
Your company asked you to evaluate two potential projects. These projects are active for 10 years and have no salvage life. Both have the same upfront costs, but the revenue stream from each of the projects is subject to variation, so risk is involve..
Consider a small town that is served by two grocery stores, White and Gray. Each store must decide whether it will remain open on Sundays or whether it will close on that day. Does either firm have a dominate strategy? Is there a dominant strategy eq..
How can the three basic assumptions of human behavior ( people are rational, people respond to incenititives and optimal decisions are made on the margin) be called the backbone of supply and demand?
Changes in tax laws and deliberate government purchases that are made to help the economy recover from a recession are known as ____________.
What are the advantages of using paper money rather than potatoes? What is MI? How large is the latest measure of MI? How much has the money supply increase or decreased over the last year.
Biff owns and operates a golf driving range on land that he also owns. Last year his accountant calculated that his driving range makes $50,000 profits per year. Last year a property management company offered to lease Biff’s land from him for $80,00..
Discuss whether the Good Guy / Bad Guy Routine is useful in negotiations; whether impasses are fatal to negotiations; and if arbitration is a sign that negotiations have failed.
Mr. Sansome withdrew &1000 from a savings account and invested it in common stock. At the end of 5 years, he sold the stock for $1207. In the savings account, he would have received an interest rate of 3%, compounded quarterly. He would like to compu..
Suppose a firm has the following production technology: one worker is required to operate on one machine (capital). More than one worker on the same machine will have a zero MPL. One worker operating on two more machines will also have zero MPK. In t..
Compare the benefits and costs of two alternatives for dealing with the fear that imports of a key product could be cut off. The first alternative is blocking imports of that product now, so as not to become dependent on it. The second alternative is..
Which of the following is NOT an example of a demand shift? a. A promotion at works leads to increased spending on vacation travel. b. A shoe store sale leads to higher demand for its shoes. c. A safety recall of the Honda Prius leads to lower deman..
Assume that the dairy industry is initially in a perfectly competitive equilibrium. Assume that, in the long run, the technology is such that average cost is constant at all levels of output. Suppose that producers agree to form an association and be..
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