A Perfectly Competitive Firm's Profit Per Unit of Output Equals

question 234

Multiple Choice

A perfectly competitive firm's profit per unit of output equals

• A)price minus average variable cost
• B)price minus marginal cost
• C)total revenue minus total cost
• D)price times quantity
• E)price minus average total cost

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Definitions:

Behaviors And Preferences

The patterns of action and selections made by consumers or users, influenced by various psychological, social, and economic factors.

Product Life Cycle

Refers to the stages a product goes through from its introduction into the market, growth in acceptance, maturity, and eventually its decline.

Promotion Needs

Requirements identified by a company to increase awareness or sales of its products through various marketing strategies.

Product Distributions

The process or strategy of making a product available for consumption by distributing it to the end consumer.