Which of the Following Holds True at the Chosen Level

question 69

Multiple Choice

Which of the following holds true at the chosen level of output in the long run for firms in a perfectly competitive market?

• A)Price is equal to marginal cost.
• B)Price is equal to the minimum of average variable cost.
• C)Marginal revenue is equal to average variable cost.
• D)Marginal revenue is greater than average total cost.

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Definitions:

Cognitive Processes

Mental activities involved in acquiring, storing, and utilizing knowledge.

Classical Conditioning

An educational practice where two stimuli are systematically linked; initially, the reaction is prompted by the second stimulus, but eventually, it is prompted by the first stimulus alone.

Alcohol Use Disorder

Alcohol use marked by tolerance, withdrawal, and a drive to continue problematic use.

Instinctive Drift

The tendency of an animal to revert to innate behaviors despite training to the contrary.