( the 3 options are, should produce in the short run / should not produce in the short run / cannot decide based on the information)

Each of the following situations could exist in the short run for a firm in perfect competition. In each case,use the pulldown menu to indicate what the firm should do.

Total cost exceeds total revenue: cannot decide based on the informationshould not produce in the short runshould produce in the short runClick for List

Total variable cost exceeds total revenue should produce in the short runshould not produce in the short runcannot decide based on the informationClick for List

Total fixed cost exceeds total revenue: should produce in the short runshould not produce in the short runcannot decide based on the informationClick for List

Marginal cost equals marginal revenue cannot decided based on the informationshould not produce in the short runshould produce in the short runClick for List

Price exceeds average total cost should produce in the short runshould not produce in the short runcannot decide based on the informationClick for List

Average variable cost exceeds price should produce in the short runshould not produce in the short runcannot decide based on the informationClick for List

Price exceeds average fixed cost should produce in the short runshould not produce in the short runcannot decide based on the informationClick for List

Average total cost exceeds price should produce in the short runshould not produce in the short runcannot decide based on the informationClick for List