In the Short Run, a Perfectly Competitive Firm Will Shut

question 55

Multiple Choice

In the short run, a perfectly competitive firm will shut down if

• A) it incurs any economic loss.
• B) price equals average cost.
• C) total revenue is less than total variable cost.
• D) total revenue is less than total fixed cost.

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Definitions:

Echoic Memory

A type of sensory memory that stores auditory information received from the environment for a short duration.

Short-Term Memory

The component of memory where small amounts of information can be stored for a short period of time.

Modality Specific

Pertaining to or affecting a particular mode of sensation or a specific sensory system.

Echoic Memory

A component of sensory memory that stores audio information, making it available for further processing for a brief period after the original sound has ceased.