Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 20, 2024

If a profit-maximizing firm has no fixed costs, then in the short run, they will never make a loss, no matter what the market price

If a profit-maximizing firm has no fixed costs, then in the short run, they will never make a loss, no matter what the market price is. (That is, their profit is always at least zero)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

International Economics Theory and Policy

Authors: Paul R. Krugman, Maurice Obstfeld, Marc Melitz

11th Edition

134519574, 9780134521046 , 978-0134519579

More Books

Students also viewed these Economics questions

Question

★★★★★

Honk, Inc., a U.S. corporation, purchases weight-lifting equipment for resale from HiDisu, a Japanese corporation, for 60 million yen. On the date of purchase, 80 yen is equal to $1 U.S. (80:$1). The...

Answered: 1 week ago

Question

★★★★★

The IRS is interested in the number of individual tax forms prepared by small accounting firms. The IRS randomly sampled 50 public accounting firms with 10 or fewer employees in the DallasFort Worth...

Answered: 1 week ago

Question

★★★★★

Describe the Gestalt approach to the scientific method. Contrast this approach to the behavioristic approach.

Answered: 1 week ago

Question

★★★★★

Sentinel Security Services was established on March 15, 2012, to provide security services. The services provided during the remainder of the month are listed below. Mar. 18. Issued Invoice No. 1 to...

Answered: 1 week ago

Question

★★★★★

Suppose a bank has an allowance for loan losses of $2.50 million at the beginning of the year, charges current income for a $453,000 provision for loan losses, charges off worthless loans of...

Answered: 1 week ago

Question

★★★★★

A sample of eight companies in the aerospace industry was surveyed as to their return on investment last year. The results are (in percent): 16.0, 14.5, 16.8, 13.8, 12.2, 10.8, 14.6, and 17.1. (a)...

Answered: 1 week ago

Question

★★★★★

Luke Corporation produces a variety of products, each within their own division. Last year, the managers at Luke developed and began marketing a new chewing gum, Bubbs, to sell in vending machines....

Answered: 1 week ago

Question

★★★★★

The demand curve for product X is given by: Qd X = 500 5PX and the supply curve is given by: QS X = 10PX (a) What is the function for inverse demand? What is the function for inverse supply? (b) What...

Answered: 1 week ago

Question

★★★★★

Scenario update As a proof of concept in the TSA Meats network build project the network architect that you demonstrate how the final network would operate with the aid of the network emulation tool...

Answered: 1 week ago

Question

★★★★★

Use the following distribution to estimate the percentage of light bulbs having a life less than 2500 hours. Hours of life' of light bulbs 0 1000 4000 5000 2000 3000 hours A. 20% B. 50% C. 5% D. 80%

Answered: 1 week ago

Question

★★★★★

In 1980, approximately 20% of adults aged 18-34 were considered minorities, reporting their ethnicity as other than nonHispanic white. By the end of 2013, that percentage had more than doubled. How...

Answered: 1 week ago

Question

★★★★★

Problem 1: The same group of people rated both brands of coffee. Half of the subjects tasted brand A first. Half of the subjects tasted brand B first. Subject. coffee a. coffee b 1 8 6 2 8 7 3 6 7 4...

Answered: 1 week ago

Question

★★★★★

5. Give examples of binary thinking.

Answered: 1 week ago

Question

★★★★★

2. In this chapter, the reader should reflect on the following concepts: Social facts, concrete fallacy, constructs, overestimation error.

Answered: 1 week ago

Question

★★★★★

1. Explain the following statements: a) Objective reality is always subjectively interpreted. b) What we know depends on whom we got to know it from.

Answered: 1 week ago

Previous Question Next Question