A Perfectly Competitive Firm Is Maximizing Profit If

question 42

Multiple Choice

A perfectly competitive firm is maximizing profit if

• A)marginal cost equals price and price is not below minimum average variable cost.
• B)marginal cost equals price and price is not below minimum average fixed cost.
• C)total revenue is at a maximum.
• D)average variable cost is at a minimum.
• E)average total cost is at a minimum.

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Definitions:

Independent Variables

Factors in an experimental setup that are intentionally changed by the investigator to determine their effect on the dependent variables.

Levels

Different stages or degrees within a process or structure, often used to describe intensity, concentration, or hierarchy.

Independent Variables

Variables in an experiment that are manipulated to determine their effect on the dependent variable.

Exercise

Physical activities or workouts undertaken to maintain or improve health and fitness.