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When a restaurant stays open for lunch service even though few customers patronize the restaurant for lunch, which of the following principles is ( are
When a restaurant stays open for lunch service even though few customers patronize the restaurant for lunch, which of the following principles is are best demonstrated?
i Fixed costs are sunk in the short run.
ii In the short run, only fixed costs are important to the decision to stay open for lunch.
iii
If revenue exceeds variable cost, the restaurant owner is making a smart decision to remain open for lunch.
i and ii only
ii and iii only
i and iii only
iii and iii
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