A Perfectly Competitive Firm Will Incur an Economic Loss but Will

question 92

Multiple Choice

A perfectly competitive firm will incur an economic loss but will continue producing output in the short run if the price is:

• A)less than marginal cost.
• B)greater than average fixed cost and less than average variable cost.
• C)greater than average total cost.
• D)greater than average variable cost but less than average total cost.

Understand the application and differentiation of the law of finds and the law of salvage regarding abandoned property.

Comprehend the factors determining title to abandoned or unclaimed property.

Analyze legal ownership and title disputes involving stolen or found property.

Identify the conditions under which conditional gifts must be returned.

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Definitions:

Contraries

Statements, ideas, or actions that are opposed to each other; in logic, two propositions are contraries if they cannot both be true but can both be false.

Negated

Made ineffective or invalidated; in logic, a proposition that denies or contradicts another proposition.

Raining

The process of precipitation in the form of water droplets falling from clouds in the atmosphere to the ground.

Not Raining

The condition of the weather where no precipitation is occurring.