If Price = Marginal Cost at the Output Produced by a Perfectly

question 32

Multiple Choice

If price = marginal cost at the output produced by a perfectly competitive firm and the firm is earning an economic profit, then

• A)marginal revenue is less than price.
• B)average total cost is at a minimum.
• C)total revenue equals total cost.
• D)price exceeds average total cost.

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Definitions:

Hemolysis

The breaking down of red blood cells, releasing hemoglobin into the surrounding fluid, often indicating damage or disease.

Thick Skin

Skin in the palms, soles, and tips of the digits; has all five epidermal strata.

Friction

The resistance that one surface or object encounters when moving over another.

Dermis

The dermis is the thick layer of skin beneath the epidermis, containing nerve endings, sweat glands, hair follicles, and blood vessels, contributing to skin's flexibility and strength.