A Firm in a Competitive Market Will Maximize Profit When

question 172

True/False

A firm in a competitive market will maximize profit when the level of production is such that marginal cost equals price.

---

Definitions:

Adaptive Functioning

A person's ability to manage common demands of life and meet the standards expected for their age and cultural group, including social and practical skills.

Personal Distress

A psychological discomfort or anguish experienced as a response to stressful situations or emotional pain.

Social Norms

Unwritten rules that govern the expectations of social behavior in a group or society.

Superstition

A belief or practice resulting from ignorance, fear of the unknown, trust in magic or chance, or a false conception of causation.