Examlex
If a competitive firm finds that it maximizes short-run profits by shutting down,which of the following must be TRUE?
Consumer Surplus
The disparity between what consumers are ready and able to spend for a product or service and the amount they end up paying.
Price
The financial expenditure involved in obtaining a product or service.
Competitive Industry
An industry characterized by many firms, free entry and exit, and a product for which every seller is a price taker.
Perfectly Elastic
A situation in which the quantity demanded or supplied changes infinitely in response to any change in price, represented by a horizontal demand or supply curve.
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