A Perfectly Competitive Firm Will Not Produce Any Output in the Short

question 333

Multiple Choice

A perfectly competitive firm will not produce any output in the short run and will shut down if the price is:

• A)greater than marginal cost.
• B)less than marginal cost.
• C)less than average variable cost.
• D)greater than average variable cost and less than average total cost.

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Definitions:

Sciatic Nerve

A major nerve extending from the lower end of the spinal cord down the back of the thigh, and dividing into the tibial and common peroneal nerves.

Common Fibular Nerve

A nerve in the leg that supplies muscles that flex the foot and toes, and provides sensation over part of the foot.

Sciatic Nerve

The longest and widest single nerve in the body, running from the lower back down through the leg.

Nerve Plexus

A network of intersecting nerves or nerve fibers.