Which Would Indicate That a Firm Is Operating Under Conditions

question 15

Multiple Choice

Which would indicate that a firm is operating under conditions of pure competition and is being productively efficient?

• A) It is making economic profits in the long run.
• B) Marginal cost equals average variable cost.
• C) It produces at the minimum average total cost.
• D) Its marginal revenue is less than average revenue.

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Definitions:

Economic Need

A requirement deemed necessary for economic stability or growth within a society or individual.

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The act of stealing goods from a store by concealing them without paying for them, considered a form of retail theft.

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Toyota Mirai

A hydrogen fuel cell vehicle produced by Toyota, known for its eco-friendliness and innovation in alternative fuel technology.