a. Consider a firm that has no fixed costs and that is currently losing money. Are there any situations in which it would want to stay open for business in the short run? Yes, the firm might want to operate in the long run. No, the firm will want to shut down. Yes, the firm will operate if revenue is greater than variable costs. There is insufficient information to make this determination. b. A firm with no fixed costs should shut down. has an accounting profit. has a normal profit. is really in the long run.
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