Suppose the Minimum Average Total Cost (ATC) of a Firm

question 80

Multiple Choice

Suppose the minimum average total cost (ATC) of a firm competing in a competitive price-taker market was $1.00 per unit and that the firm's minimum average variable cost (AVC) was $.80 per unit. If the market price was $.75 per unit, a profit-seeking firm would

• A) shut down immediately.
• B) produce where MR = MC in the short run.
• C) shut down in the long run but remain in business in the short run.
• D) do both b and c.

Explain the configurations and functions of steering axles in highway trucks.

Identify and describe the components and terminology of driveline systems.

Understand common damages and failures in universal joints and driveshafts.

Recognize the function and importance of lubrication in driveline maintenance.

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