Suppose a firm shuts down in the short run. Which of the following statements can you infer from the fact that the firm shuts down in the short run? a.The firm's losses are equal to its fixed costs. b.The firm would reopen in the long run. c.The firm's economic profits are zero. d.The firm's fixed costs are greater than its variable costs.

Suppose a firm shuts down in the short run. Which of the following statements can you infer from the fact that the firm shuts down in the short run? a.The firm's losses are equal to its fixed costs. b.The firm would reopen in the long run. c.The firm's economic profits are zero. d.The firm's fixed costs are greater than its variable costs.

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter8: An Introduction To Perfect Competition

Section: Chapter Questions

Problem 4QFR

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