Assume the Market Price Is Greater Than Average Total Cost

question 14

True/False

Assume the market price is greater than average total cost at the perfectly competitive firm's profit-maximizing level of output.In this case,the firm is earning positive economic profits,which act as an incentive for new firms to enter the market.

---

Definitions:

Personality

The combination of emotional, attitudinal, and behavioral response patterns of an individual.

Value System

An individual or group's hierarchy of beliefs and attitudes that fundamentally influence behavior and decision-making.

Projection

A psychological defense mechanism where one attributes their own undesirable thoughts, feelings, or motives onto another.

Interest

A feeling of curiosity or concern about something, which can drive attention or engagement towards it.