If the Price Is Greater Than the Average Variable Cost

question 170

Multiple Choice

If the price is greater than the average variable cost and less than the average total cost at the profit-maximizing quantity of output in the short run,a perfectly competitive firm will:

• A)continue to produce at an economic loss.
• B)earn an economic profit.
• C)encourage other firms to enter the industry.
• D)produce more than the profit-maximizing quantity.

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Definitions:

Mean Level Change

Mean level change refers to the statistical measure indicating the average change in a variable or set of variables over time within a given population.

Rank-Order Personality Consistency

The concept that while an individual's personality traits remain relatively steady over time, their comparative rank within a group may change.

Spend Time With

The act of allocating one's time to be in the company of another person or group.

Personality Disorders

A class of mental disorders characterized by enduring maladaptive patterns of behavior, cognition, and inner experience, exhibited across many contexts and deviating from those accepted by the individual's culture.