Which Statement Is TRUE

question 219

Multiple Choice

Which statement is TRUE?

• A)Profit per unit is price minus MC.
• B)Total economic profit is per-unit profit times quantity.
• C)If price is less than ATC,the firm will break even in the short run.
• D)If price is less than marginal cost,the perfectly competitive firm should raise the price and increase output.

Recognize how the introduction of multiple employers affects wages and employment in previously monopsonistic markets.

Determine the profit-maximizing level of labor purchase in monopsony and competitive markets.

Explain the role of unions in affecting wages and employment for union and non-union workers.

Evaluate the impact of union strategies on wage and employment outcomes in labor markets.

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The process by which one becomes an intelligent person.