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What else can I help you with?
Would a firm earning zero economic profit continue to produce in the long run?
No, a firm earning zero economic profit would not continue to produce in the long run because it would not be covering all its costs, including opportunity costs.
Can opportunity cost be zero?
Opportunity cost can be zero if there are no scarcity in goods and services and resources used to produce such commodities that can lead consumers to make a choice to fulfill their wants
If the firm closes down in the short-run total cost will equal zero?
In the short run, if a firm decides to close down, its total variable costs will become zero because it stops production. However, total fixed costs, which include expenses like rent and salaries, will still exist and must be paid, meaning total cost will not equal zero. Therefore, while the firm avoids variable costs, it still incurs fixed costs, resulting in total costs greater than zero.
Do you agree or disagree with the following statement when marginal revenue equals marginal cost total cost equals total revenue and the firm makes zero profit?
No it is not true. MC=MR it's "only" the condition of optimization of the firm. This is the condition under which the firm chooses the best quantity to produce given its cost structure. Under this condition you are sure that given that structure the firm maximizes its profits. But this does not implies that the firm is actually making profits(f.e. it could miximize its profits simply making a loss of -21 instead of -22). To be sure of that you have to consider the total cost function. The total cost function is defined as: TC=qxVC+FC than you have to consider the revenue function TR=qxP to see if the firm it's actually making profits you have to calculate TR-TC=Profit note that you can't find the total cost function by the marginal cost function. q=quantity VC=variable cost FC=fixed costs P=price of item sold
In long-run equilibrium a competitive firm produces the level of output at which?
In long-run equilibrium, a competitive firm produces at the level of output where marginal cost (MC) equals marginal revenue (MR), which is also equal to the market price (P). This occurs at the minimum point of the average total cost (ATC) curve, ensuring that the firm earns zero economic profit. At this point, the firm's resources are allocated efficiently, and there is no incentive for firms to enter or exit the market. Thus, the firm operates at an optimal scale in the long run.
Would a firm earning zero economic profit continue to produce in the long run?
No, a firm earning zero economic profit would not continue to produce in the long run because it would not be covering all its costs, including opportunity costs.
What is the definition for opposite?
the thing that when acted upon will produce nothing or zero.
Can opportunity cost be zero?
Opportunity cost can be zero if there are no scarcity in goods and services and resources used to produce such commodities that can lead consumers to make a choice to fulfill their wants
If the firm closes down in the short-run total cost will equal zero?
In the short run, if a firm decides to close down, its total variable costs will become zero because it stops production. However, total fixed costs, which include expenses like rent and salaries, will still exist and must be paid, meaning total cost will not equal zero. Therefore, while the firm avoids variable costs, it still incurs fixed costs, resulting in total costs greater than zero.
Why is ZERO ZERO?
Zero is nothing which equals nothing :)
What is a three letter word for zero?
Zip = nothing/zero Nix = nothing/zero Nil = nothing/zero
How much does a free book cost?
Nothing. Zero. Cero. Zéro. 零. Bằng không.
Do you agree or disagree with the following statement when marginal revenue equals marginal cost total cost equals total revenue and the firm makes zero profit?
No it is not true. MC=MR it's "only" the condition of optimization of the firm. This is the condition under which the firm chooses the best quantity to produce given its cost structure. Under this condition you are sure that given that structure the firm maximizes its profits. But this does not implies that the firm is actually making profits(f.e. it could miximize its profits simply making a loss of -21 instead of -22). To be sure of that you have to consider the total cost function. The total cost function is defined as: TC=qxVC+FC than you have to consider the revenue function TR=qxP to see if the firm it's actually making profits you have to calculate TR-TC=Profit note that you can't find the total cost function by the marginal cost function. q=quantity VC=variable cost FC=fixed costs P=price of item sold
Why is absolute zero important?
absolute zero is the essence of nothing and nothing is a quantity of zero.
Why zero minus zero is zero?
If you have no money, and someone takes nothing away from you, you still have nothing :)
Is zero divisible by zero?
No, nothing can be divisible by zero.
Why is absolution important?
absolute zero is the essence of nothing and nothing is a quantity of zero.
