-A Perfectly Competitive Firm Will Continue to Operate in the Short

question 71

Multiple Choice

-A perfectly competitive firm will continue to operate in the short run when the market price is below its average total cost if the

• A) price is at least equal to the minimum average variable cost.
• B) total fixed costs are less than total revenue.
• C) marginal revenue is greater than marginal cost.
• D) marginal cost is minimised.
• E) price is also less than the minimum average variable cost.

Explain the processes of employee selection, recruiting, and the legal context of human resource management.

Articulate the goals, major tasks, and the role of human resource management (HRM) in organizations.

Understand the principles of employment-at-will, wrongful discharge, and their implications for both employers and employees.

Describe the negotiation process in labor-management relations, including collective bargaining, and the role of labour unions.

---

Definitions:

Utility

In economics, the satisfaction or benefit derived by consuming a product or service.

Pumpkin Pie

A traditional American dessert made from a spiced pumpkin-based custard filling in a pie crust, often served during fall and Thanksgiving.

Want

A desire for goods or services that are not necessary for basic survival but are perceived as desirable.

Utility

In economics, refers to the total satisfaction received from consuming a good or service.