Which of the Following Is TRUE

question 288

Multiple Choice

Which of the following is TRUE?

• A) If price falls below average variable cost, the firm will shut down in the short run.
• B) Total revenue and marginal revenue are the same in perfect competition.
• C) Economic profit per unit is found by subtracting MC from price.
• D) Economic profit is always positive in the long run.

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Definitions:

Vestibule

An entrance or enclosed area just inside the entrance of a building, or, in anatomy, a cavity, chamber, or channel opening into another cavity, especially of the ear, nose, or mouth.

Romberg Test

A neurological test that assesses the sense of balance and proprioception, wherein an individual is asked to stand with feet together and eyes closed to detect problems in the vestibular or proprioceptive systems.

Vestibular Apparatus

A complex system within the inner ear that provides information about spatial orientation and balance.

Weber Test

A quick screening test for hearing that involves placing a tuning fork in the center of the forehead to help diagnose unilateral (one-sided) hearing loss.