What is the shutdown condition? a.A condition stating when a firm should cease to operate and produce nothing, because profits are maximized when not producing b.A condition saying when the school should shut down due to public health concerns c. In the short run, the shut down condition is TR < VC . In the long run, it is TR
What is the shutdown condition? a.A condition stating when a firm should cease to operate and produce nothing, because profits are maximized when not producing b.A condition saying when the school should shut down due to public health concerns c. In the short run, the shut down condition is TR < VC . In the long run, it is TR
Chapter8: Perfect Competition
Section: Chapter Questions
Problem 4.7P
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What is the shutdown condition?
a.A condition stating when a firm should cease to operate and produce nothing, because profits are maximized when not producing
b.A condition saying when the school should shut down due to public health concerns
c. In the short run, the shut down condition is TR < VC . In the long run, it is TR
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