Which Is Necessarily True for a Purely Competitive Firm in Short-Run

question 97

Multiple Choice

Which is necessarily true for a purely competitive firm in short-run equilibrium?

• A) Marginal revenue less marginal cost equals zero.
• B) Price less average total cost equals zero.
• C) Total revenue less total cost equals zero.
• D) Marginal revenue is zero.

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Definitions:

Seven Years' War

A global conflict fought between 1756 and 1763, involving most of the great powers of the time and affecting Europe, North America, Central America, the West African coast, India, and the Philippines.

William Pitt

Refers to either William Pitt the Elder, a British statesman of the 18th century who was Prime Minister during the Seven Years' War, or William Pitt the Younger, his son, who also served as Prime Minister and is known for his administrative reforms and handling of the Napoleonic Wars.

Quartering

Providing lodging or accommodations for soldiers by civilians, often referring to the historical Quartering Acts in colonial America.

Battlefront Command

The leadership, control, and organization of military operations in the area of active combat.