When a Profit-Maximizing Firm in a Competitive Price-Searcher Market Is

question 139

Multiple Choice

When a profit-maximizing firm in a competitive price-searcher market is in long-run equilibrium, price equals

• A) marginal cost, and profits are positive.
• B) average total cost, and profits are zero.
• C) marginal cost, and profits are zero.
• D) average total cost, and profits are positive.

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Definitions:

On-the-Job Training

The training received by employees during the course of their current employment to enhance skills and performance.

Selling Skills

Abilities necessary to effectively persuade customers to purchase goods or services, including communication, negotiation, and closing techniques.

Selling

The process of persuading a customer to purchase a product or service.

Flexibility

The quality of being able to change or adapt to new circumstances easily without negative consequences.