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Economics

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  • 1. Multiple Choice
    45 seconds
    1 pt

    Which of the following are sufficient to determine the shutdown point of multi commodity firm in the short - run?

    A. Variable cost of operations

    B. Marginal revenue received

    C. Average variable cost of operations

    D. Average marginal revenue received

    Choose the most appropriate answer from the options given below:

    A and B only

    C and D only

    A, B and C only

    B, C and D only

  • 2. Multiple Choice
    45 seconds
    1 pt

    Which two of the following statements are correct?

    a) In the short - run, A TFC = O, therefore A TC = A TVC

    b) If decrease In AFC < Increase In AVC, then AC decreases c) If decrease In AFC = Increase In AVC, AC remains constant

    d) If decreases In AFC > Increase In AVC, then AC Increases Choose the correct answer from the options given below:

    a) and c)

    b) and c)

    b) and d)

    a) and d)

  • 3. Multiple Choice
    30 seconds
    1 pt

    In a perfectly competitive market, a firm in the long run operates at the level of output where:

    AC = MC when MC is lowest

    MC = AR = MR when MC is lowest

    MR = MC

    AR=MR=AC=MC

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