If a Perfectly Competitive Firm Is Earning the Competitive Return

question 71

True/False

If a perfectly competitive firm is earning the competitive return, then the market price is equal to the firm's average variable cost.

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Definitions:

Disaffirm

To reject or deny the validity or authority of something, especially a contract or agreement.

Incapacity

Refers to a lack of the legal ability to perform some act, such as make a contract or a will.

Mental Illnesses

Health conditions involving significant changes in emotion, thinking, or behavior, reflecting disturbances in mental functioning.

Disaffirm

The act of denying, rejecting, or voiding a legal contract or agreement, especially by someone who is not legally competent.