Which of the Following Is (Are)true

question 57

Multiple Choice

Which of the following is (are) true?

• A)In perfect competition, price will be less than marginal cost.
• B)In perfect competition, price will seldom adjust to reflect changes in production costs in the long run.
• C)In perfect competition, to maximize profits, a firm will operate where P = MR = MC.
• D)All of the above are true.

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Definitions:

U.S. Troops

Military personnel and soldiers of the United States, often engaged in national defense and international peacekeeping missions.

Foreign Capital

Investment of money from countries outside the recipient country, typically involved in international trade, investment, and financial markets, which can influence economic development.

Mexican War

Controversial war with Mexico for control of California and New Mexico, 1846–1848; the Treaty of Guadalupe Hidalgo fixed the border at the Rio Grande and extended the United States to the Pacific coast, annexing more than a half-million square miles of Mexican territory.

Fifty-four Forty

A historical slogan from the U.S. presidential election of 1844, expressing the goal of expanding U.S. territorial claims in the Oregon Territory up to latitude 54°40′ north.