A Perfectly Competitive Firm Is Making an Economic Profit When

question 189

Multiple Choice

A perfectly competitive firm is making an economic profit when

• A) its total revenue is greater than its total cost.
• B) the price is greater than the minimum of its average total cost.
• C) the price is greater than the minimum of its average variable cost.
• D) Both answers A and B are correct.

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Definitions:

Ageism

Discrimination or prejudice against individuals based on their age, often targeting the elderly or young.

Discrimination

The unfair or biased treatment of diverse groups of individuals, particularly based on their race, age, gender, or disabilities.

Poverty Rate

The percentage of the population that lives below the national poverty line, indicating a lack of financial resources necessary for basic living conditions.

Canadian Seniors

Individuals of an advanced age, typically 65 years and older, residing in Canada, possibly concerning social policies, healthcare, and demographics.