If a Firm Sells Its Output at a Price Greater

question 62

True/False

If a firm sells its output at a price greater than AC, it will earn economic profit.

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Definitions:

Independent

Not influenced or controlled by others; acting freely.

P(A|B)

The likelihood of event A happening provided that event B has taken place.

P(B|A)

The probability of event B occurring given that event A has already occurred.

P(A and B)

The probability of both event A and event B occurring in a combined manner.