If the Market Price in a Perfectly Competitive Market Is

question 399

Multiple Choice

If the market price in a perfectly competitive market is less than a firm's minimum average variable cost, then the firm's total revenue will always

• A) exceed its total fixed cost.
• B) be less than its total economic loss.
• C) equal its total cost.
• D) be less than its total variable cost.

---

Definitions:

Logical Function

In computing and mathematics, a function that evaluates a set of conditions and returns a true or false value.

IF

A conditional statement used in programming that executes a specific segment of code if a given condition is true.

VLOOKUP

A function in Excel and other spreadsheet software that searches for a value in the first column of a range and returns a value in the same row from a specified column.

COUNTIF

A function in spreadsheet software that counts the number of cells within a range that meet a single criterion.