Firms in a Perfectly Competitive Market Produce at Minimum Average

question 171

True/False

Firms in a perfectly competitive market produce at minimum average cost in the short run and the long run.

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Definitions:

Intermittent Schedule

A timetable for actions or activities that occur at irregular intervals, rather than continuously or at a regular pace.

Reinforcement

In psychology and management, a strategy of encouraging a desired behavior by presenting a positive stimulus following that behavior.

Desired Behaviour

The specific actions or reactions that an individual or organization aims to elicit from others, often through guidance, incentive, or training.

Positive Reinforcement

The process of encouraging or increasing a behavior by presenting a favorable outcome or reward upon the occurrence of the behavior.