Suppose That, in the Short Run, a Perfectly Competitive Firm

question 21

Multiple Choice

Suppose that, in the short run, a perfectly competitive firm earns a normal profit.Which of the following is incorrect?

• A)MR = price
• B)MR = ATC
• C)AR ´ Q = TR
• D)TR = TC
• E)P = AVC

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Definitions:

Moral Problems

Dilemmas or conflicts that arise when faced with decisions that affect the welfare or rights of others, often requiring ethical judgment.

Moral Standards

Principles that govern behaviors and actions, determined by societal norms, ethics, and laws defining what is considered right and wrong.

Law Breakers

Individuals who violate rules or regulations established by legal authority.

Moral Order

An arrangement of society that is considered to be in line with moral laws or principles.