If a Perfectly Competitive Firm Is Maximizing Its Profit and Is

question 149

Multiple Choice

If a perfectly competitive firm is maximizing its profit and is making an economic profit,which of the following is correct?
i.Price equals marginal revenue.
ii.Marginal revenue equals marginal cost.
iii.Price is greater than average total cost.

• A) i only
• B) i and ii only
• C) ii and iii only
• D) i and iii only
• E) i, ii, and iii

---

Definitions:

Kruskal-Wallis Test

A non-parametric method for testing whether samples originate from the same distribution, used when the ANOVA assumptions are not met.

Significance Level

The threshold at which the null hypothesis is rejected in statistical testing, often denoted as alpha (α).

Statistics

The science of collecting, analyzing, interpreting, and presenting data.

P-value

The probability measure indicating the likelihood of obtaining test results at least as extreme as the results actually observed, assuming that the null hypothesis is correct.