When Firms Are Neither Entering nor Exiting a Perfectly Competitive

question 429

Multiple Choice

When firms are neither entering nor exiting a perfectly competitive market,

• A)total revenue must equal total variable cost for each firm.
• B)economic profits must be zero.
• C)price must equal average variable cost for each firm.
• D)Both a and c are correct.

---

Definitions:

Reliability

The degree to which an assessment tool produces stable and consistent results over repeated measures or applications.

Contrast Enhancement

A process in image processing used to improve the visibility of features in an image by increasing the difference in brightness or color between objects and their backgrounds.

Tissue

A group of similar cells and their intercellular substance, functioning together to perform a specific activity within the body.

Magnetic Resonance Imaging

A noninvasive medical imaging technique that uses a magnetic field and radio waves to generate detailed images of the organs and tissues within the body.