Production processes that were designed or engineered don't usually produce u-shaped atc curves. because of this, it is not meaningful to say that the business enterprise produces a quantity where mc = mr; and, if this is true, then the neoclassical theory of the short-run supply curve is incoherent.

true or false?

advanced placement tests

the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.