Assume the Market Price Is Greater Than Average Total Cost

question 14

True/False

Assume the market price is greater than average total cost at the perfectly competitive firm's profit-maximizing level of output.In this case,the firm is earning positive economic profits,which act as an incentive for new firms to enter the market.

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Definitions:

Enforceable

Capable of being imposed or upheld by legal means, particularly in the context of contracts or obligations.

Implied

Something suggested or understood without being directly stated, often used in legal contexts to describe obligations or contracts.

Verbal

Relating to or consisting of words; spoken rather than written.

Conduct

The manner in which an individual behaves or carries out actions, often assessed in legal or professional contexts.