In the Short Run If TR < TC, a Perfectly

question 21

True/False

In the short run if TR < TC, a perfectly competitive firm will always shut down.

---

Definitions:

Truth Table

A chart employed in logic to ascertain if a proposition is valid by cataloging every conceivable situation and their respective truth or falsity.

Atomic Sentences

Simple sentences that cannot be broken down into smaller parts while maintaining meaning.

Truth Values

The valuation in logic that shows the relation of a statement to the truth, typically classified as either true or false.

Truth Table

A mathematical table used in logic to determine the truth values of logical expressions based on their operators.