If a Purely Competitive Firm Is Maximizing Economic Profit

question 267

Multiple Choice

If a purely competitive firm is maximizing economic profit,

• A)it is necessarily maximizing per-unit profit.
• B)it may or may not be maximizing per-unit profit.
• C)then per-unit profit will be minimized.
• D)it is necessarily overallocating resources to its product.

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Definitions:

Variable

1. In symbolic logic, a symbol that stands for some, but any, unnamed individual thing; 2. In statistics, a trait regarded as a generic attribute that can exist in different degrees (values).

Closed Sentence

In predicate logic, a statement in which every variable is bound by a quantifier.

Variable

An element, feature, or factor that is liable to vary or change, often used in mathematics, statistics, and scientific experiments to represent quantities or qualities that can assume different values.

Open Sentence

A mathematical or logical statement containing one or more variables that does not have a definitive truth value until the variables are specified.