In a Competitive Market Equilibrium the ________ Equals the ________

question 194

Multiple Choice

In a competitive market equilibrium the ________ equals the ________ of the last unit sold.

• A)total profit; marginal benefit
• B)total cost; marginal cost
• C)profit; selling price
• D)marginal benefit; marginal cost

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Definitions:

Capital Budget

A financial plan allocating resources for the acquisition or maintenance of long-term assets like property, plants, and equipment.

Variable Operating

Variable Operating Costs are expenses that fluctuate with the level of business activity, including costs like supplies and utilities directly tied to operation levels.

Fixed Expenses

Expenses that remain constant regardless of the level of production or sales, including rent, salaries, and insurance premiums.

Cash Receipts

The total amount of money, including cash, checks, and credit card payments, received by a business during a given period.