A Perfectly Competitive Firm in the Short Run Maximises Its

question 101

Multiple Choice

A perfectly competitive firm in the short run maximises its profit by producing the output where:

• A) average cost equals price.
• B) marginal product equals marginal revenue.
• C) total profit is at maximum.
• D) total profit is at minimum.

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Definitions:

Ananda

A key disciple of the Buddha, known for his memory and recollection of the Buddha's teachings.

Suryavarman II

An 11th to 12th-century Khmer king of Cambodia, best known for commissioning the construction of the Angkor Wat temple complex.

Angkor Wat

A temple complex in Cambodia and one of the largest religious monuments in the world, originally constructed as a Hindu temple dedicated to the god Vishnu for the Khmer Empire.

Vishnu

One of the principal Hindu deities, worshipped as the protector and preserver of the universe.