If Firms in a Competitive Industry Independently Operate to Maximize

question 246

Multiple Choice

If firms in a competitive industry independently operate to maximize profits,the ________ are eventually equalized across the firms.

• A) total costs
• B) marginal costs
• C) profits
• D) revenues

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Definitions:

Lifestyles

The aggregate of choices, behaviors, and habits of an individual or group, including consumption patterns, leisure activities, and values, which reflect socio-economic status and preferences.

Fragmentation

The process or state of breaking or being broken into small or separate parts.

Malthus's Theory

A principle positing that population growth tends to outpace agricultural production, leading to scarcity, famine, and social strife.

Arithmetically

Pertaining to arithmetic, the branch of mathematics dealing with the properties and manipulation of numbers.