In the Short Run,a Firm in a Perfectly Competitive Market

question 37

Multiple Choice

In the short run,a firm in a perfectly competitive market

• A)can make an economic profit,incur an economic loss,or break even.
• B)always makes an economic profit.
• C)chooses the price that maximizes its economic profit.
• D)chooses the price that minimizes its marginal cost.
• E)shuts down if it incurs an economic loss.

---

Definitions:

Behaviourism

A psychological approach that emphasizes the study of observable behaviors and the environmental determinants of behavior, often excluding subjective mental states.

Systematic Use

The organized or methodical application of techniques, methods, or processes to achieve specific goals.

Rewards

Benefits or compensations given in response to an individual's behavior or achievement, intended to reinforce certain behaviors or outcomes.

Chocolate Chips

Small pieces of chocolate used as an ingredient in various desserts, notably cookies and muffins.