32. In the short run a purely competitive seller will close down if: a. It cannot produce at an economic profit b. Price is less than average variable cost at all outputs c. Price is less than average fixed cost at all outputs d. There is no point at which marginal revenue and marginal cost are equal e. Price falls short of average total cost at all possible outputs

32. In the short run a purely competitive seller will close down if: a. It cannot produce at an economic profit b. Price is less than average variable cost at all outputs c. Price is less than average fixed cost at all outputs d. There is no point at which marginal revenue and marginal cost are equal e. Price falls short of average total cost at all possible outputs

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Firms In Competitive Markets

Section: Chapter Questions

Problem 3CQQ

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