Figure 10-3 ​

question 124

Multiple Choice

Figure 10-3
​
-A perfectly competitive firm should continue to expand output until

• A)total revenue exceeds total costs.
• B)total revenue exceeds variable costs.
• C)marginal revenue equals marginal costs.
• D)average revenue equals variable costs.

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Definitions:

Laws

A system of rules created and enforced through social or governmental institutions to regulate behavior.

Folkway

Norms for routine or casual interaction that are not morally significant but shape daily behavior.

Cooperation

The action of working together towards common goals or interests, often resulting in mutual benefits.

Material Culture

The physical objects, resources, and spaces that people use to define their culture, including artifacts, buildings, and landscapes.