Which Would Indicate That a Firm Is Operating Under Conditions

question 134

Multiple Choice

Which would indicate that a firm is operating under conditions of pure competition and is being productively efficient?

• A)It is making economic profits in the long run.
• B)Marginal cost equals average variable cost.
• C)It produces at the minimum average total cost.
• D)Its marginal revenue is less than average revenue.

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Definitions:

Accretionary Prism

A geological structure formed by the accumulation of sediment and oceanic crust scraped off a subducting oceanic plate at a convergent plate boundary.

Volcanic Mountain Belt

A geologic region characterized by a series of volcanoes and volcanic features, often associated with plate boundaries.

Laramide Orogeny

A period of mountain-building in western North America, roughly 80 to 55 million years ago, that created the Rocky Mountains and associated ranges.

Magmatism

Geological processes related to the formation, movement, and solidification of magma or molten rock beneath or at the Earth's surface.