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Earn +20 ptsQ: How can a firm exercise greater control over its suppliers?
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What can happen if the MRP is greater than a firm's MC?
The firm can afford to hire more workers.
What is quasi integration?
With quasi-integration, a firm internally produces less than half of its own requirements and buys the rest from outside suppliers.
Why should a firm continue to operate under a short-run period when TR is greater than VC but less than TC?
The firm should continue to operate whenMarginal Revenue (MR) >= Variable Cost (VC = MC)Because it is still making a structural profit per unit, which indicates an economic profit is being made. When making optimal production decisions, one should not include sunk costs, including plant investment, which cause TC >= VC. While the firm will be operating at a loss, it is still achieving a positive cost-benefit outcome.
How many times the word firm in the bible?
The word 'firm' appears eight (8) times in the KJV Bible.
What is the definition for sternly?
Firm or unyielding, uncompromising.
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