When Economic Profits Are Zero for a Firm in a Perfectly

question 130

Multiple Choice

When economic profits are zero for a firm in a perfectly competitive market,it means that:

• A)average total costs are zero.
• B)price is equal to minimum average total cost.
• C)average variable costs are minimized.
• D)All of these are true.

---

Definitions:

Supreme Court History

The history of the Supreme Court involves the development and evolution of the highest federal court in the United States, established in 1789 under the Constitution.

Amicus Curiae

A term meaning "friend of the court" where individuals or organizations not party to a case provide information or expertise to assist the court in its decision-making process.

Certiorari

A writ issued by a superior court directing the transfer of a case from a lower court for review.

Writ of Certiorari

A court order requesting the lower court to deliver its record in a case so that the higher court can review it.