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04-11-2008, 09:08 AM
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| MICRO economics? Let Q stand for quantity, let P stand for price, and let ATC stand for average total cost. Total costs are fixed costs plus variable costs. Assume that in the long run, a firm can avoid all of its fixed costs but may not be able to do so in the short run. Which one of the following statements concerning profit is NOT necessarily true? A. Profit equals total revenue minus total costs. B. Profit equals zero if quantity produced equals zero. C. Profit equals zero in the long run if there is free entry and exit. D. Profit = Q x (P - ATC). E. Profit = Q x (P - AVC) - fixed costs.      |
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