Which of the Following Is True of a Profit-Maximizing Competitive

question 19

Multiple Choice

Which of the following is true of a profit-maximizing competitive firm in the long run?

• A)The firm produces at the point where price is equal to marginal cost.
• B)The firm produces at the point where average cost equals marginal cost when average cost is at its minimum point.
• C)The demand curve faced by all firms in the industry is downward sloping.
• D)The firm makes positive economic profit in the long run.
• E)In the long run,there is a deadweight loss in a competitive market.

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Definitions:

OSHA

The Occupational Safety and Health Administration, a U.S. government agency responsible for ensuring safe and healthy working conditions by setting and enforcing standards.

Recordkeeping

The process of maintaining records or documents that track an organization's or individual's activities, transactions, and commitments.

Work-Related Injuries

Work-related injuries are injuries or illnesses that occur in the course of employment, often leading to absence from work and the need for medical care.

Low-Hazard Industries

Sectors or types of businesses that are associated with relatively lower risks to the safety and health of employees.