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#cfa #cfa-level-1 #economics #reading-15-demand-and-supply-analysis-the-firm #section-3-analysis-of-revenue-costs-and-profit

Question

In the short run, if total revenue cannot cover total variable cost, the firm shuts down production to minimize loss, which would equal [...]

Answer

the amount of fixed cost.

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The firm must cover variable cost before fixed cost. In the short run, if total revenue cannot cover total variable cost, the firm shuts down production to minimize loss, which would equal the amount of fixed cost. If total variable cost exceeds total revenue in the long run, the firm will exit the market as a business entity to avoid the loss associated with fixed cost at zero producti

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status	not learned	measured difficulty	37% [default]	last interval [days]
repetition number in this series	0	memorised on		scheduled repetition
scheduled repetition interval		last repetition or drill

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