Question: Which statement is true? a) A firm will operate in the short run when total revenue exceeds fixed costs. b) A firm will operate in

Which statement is true?

a) A firm will operate in the short run when total revenue exceeds fixed costs.

b) A firm will operate in the short run when total revenue exceeds variable costs.

c) A firm will shut down when total cost equals total revenue.

d) None of the above.

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