In Perfect Competition, at All Levels of Output the Market

question 300

Multiple Choice

In perfect competition, at all levels of output the market price is the same as the firm's ________.

• A) marginal revenue
• B) normal profit
• C) average variable cost
• D) fixed cost

---

Definitions:

Federal Funds

Overnight loans made between banks to meet reserve requirements, at an interest rate set by the Federal Reserve.

Political Speech

Expressions related to the government, politics, or public affairs, highly protected under the freedom of speech in many democratic societies.

First Amendment

an amendment to the U.S. Constitution that protects freedoms of speech, religion, press, assembly, and the right to petition the government.

Police Power

The inherent authority of a government to impose regulations to ensure the safety, health, welfare, and morals of the community.