In the Short Run, a Firm Should Exit the Industry

question 161

True/False

In the short run, a firm should exit the industry if its marginal cost exceeds its marginal revenue.

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Definitions:

Encoder

A device or process that converts information from one format or code to another, often for the purpose of standardization, speed, secrecy, or compressions.

Sublimation

Used unconsciously to express socially unacceptable instinctive drives or impulses in approved and acceptable ways.

Painful Situation

A distressing or discomforting circumstance that causes mental or physical pain.

Projection

A defense mechanism of trying to blame another for one’s own inadequacies.