Which of the Following Statements Is True

question 80

Multiple Choice

Which of the following statements is true ?

• A) To maximize profits, a firm must maximize total revenue.
• B) In long-run equilibrium, a competitive firm produces at the point of minimum average total cost.
• C) In the short-run, a perfectly competitive firm produces where total cost is minimum.
• D) In the short-run, a perfectly competitive firm will close down whenever price is less than average total cost.

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Definitions:

Hypertension

A chronic medical condition in which the blood pressure in the arteries is persistently elevated.

BMIs

Body Mass Index, a measure of body fat based on height and weight that applies to adult men and women.

Concrete Operational Stage

A stage in Piaget's theory of cognitive development, occurring roughly between the ages of 7 and 12, where children gain a better understanding of logical operations and are no longer fooled by appearances.

Hypothetical Thinking

The capacity to consider possibilities, scenarios, or outcomes that are not based upon actual events or experiences.