1. For perfect competition, if P> min ATC, it means a. The firm breaks even
c. The firm is profitable
b. The firm incurs loss
d. The firm will exit the industry
2. In perfect competition market, in the short run, the firm decides to shut down if.
a. TR c. P b. TR/Q d. All of the above
3. In perfect competition, in the long run, the firm exits from the market if
a. TR c. P b. TR/Q d. All of the above

An artist entered into a written agreement to sell a patron a partially finished painting once it was complete. the patron later learned that the artist planned to sell the painting to a third party who offered to pay the artist more than the contract price. the patron filed suit to compel the artist to sell the painting to her in accord with the terms of their agreement, while the artist denied that the painting the artist planned to sell to the third party was the subject of the agreement with the patron. at trial, the patron did not introduce the written agreement or explain its absence. rather, the patron sought to testify that, when she signed the agreement, the artist had pointed to the painting in question and stated that it was the patron’s painting. the artist’s attorney objected to the testimony that the artist identified the painting as belonging to the patron. how should the court rule? asustain the objection, because the artist’s statement was hearsay. bsustain the objection, because the patron failed to produce the written agreement or explain its absence. coverrule the objection, because the statement is not hearsay. doverrule the objection, because the statement was relevant.

Which ics functional area sets the incident objectives, strategies, and priorities, and has overall responsibility for the incident a. command b. operations c. logistics d. finance/administration

Which beliefs and principles in the declaration of independence and the u.s. constitution create a national identity? a.) belief in god, allegiance to popular sovereignty, and states’ rights. b.) free enterprise system, free trade system, and separation of powers. c.) individual freedom, political equality, and unalienable rights. d.) powerful executive branch, judicial review, and bicameral legislature.