Which of the Following Is True When a Perfectly Competitive

question 140

Multiple Choice

Which of the following is true when a perfectly competitive firm is in short-run equilibrium but not when a non-discriminating monopolist is in equilibrium?

• A)Price equals marginal cost.
• B)Price is greater than marginal cost.
• C)Marginal revenue equals marginal cost.
• D)Marginal revenue is less than marginal cost.
• E)Marginal revenue is greater than average revenue.

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Definitions:

Conditional Offer

An offer that is subject to certain conditions being met before it becomes legally binding.

Americans with Disabilities Act

A civil rights law that prohibits discrimination against individuals with disabilities in all areas of public life, including jobs, schools, transportation, and all public and private places that are open to the general public.

Artificially High

Artificially high describes a situation where prices or values are inflated beyond their natural market level due to external factors, such as manipulation or scarce supply.

Collusion

A secret or illegal cooperation or conspiracy, especially between parties supposed to compete against each other.