In the Long Run All of a Firm's Costs Are

question 243

Multiple Choice

In the long run all of a firm's costs are variable.In this case,what is the exit criterion for a profit-maximizing firm

• A)price is less than average total cost
• B)price is more than average total cost
• C)average revenue is greater than average fixed cost
• D)average revenue is greater than marginal cost

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Definitions:

Stare Decisis

The legal principle of determining points in litigation according to precedent or previous judicial decisions.

Common Law

A body of legal precedents derived from judicial decisions, as opposed to statutes or constitutions.

Erroneous Decisions

Mistaken or incorrect judgments made by individuals or bodies in positions of authority.

Civil Law System

A legal system originating in Europe, characterized by comprehensive statutes and codes as the primary sources of law.