Which of the Following Statements About Profit Maximizing Firms in a Competitive

question 81

Multiple Choice

Which of the following statements about profit maximizing firms in a competitive market is FALSE?

• A)Firms earn no economic profit in the long run.
• B)Marginal revenue does not have to equal marginal cost.
• C)p - MC = 0.
• D)Price equals marginal revenue.

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Definitions:

Psychological Health

A state of well-being in which an individual realizes their own abilities, can cope with the normal stresses of life, work productively, and contribute to their community.

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The science and practice of diagnosing, treating, and preventing diseases and injuries in humans and animals.

Open Systems View

A perspective that sees organizations as entities that interact with their environment, adapting to changes and exchanging resources.

Systems of Communication

The structured methods and processes through which information is transmitted and received within an organization or between individuals.