If Price = Marginal Cost at the Output Produced by a Perfectly

question 32

Multiple Choice

If price = marginal cost at the output produced by a perfectly competitive firm and the firm is earning an economic profit, then

• A)marginal revenue is less than price.
• B)average total cost is at a minimum.
• C)total revenue equals total cost.
• D)price exceeds average total cost.

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Definitions:

Pension Fund Managers

Professionals responsible for overseeing the investment and allocation of funds collected in a pension scheme to ensure that there are enough resources to pay pension benefits in the future.

Employee Horseplay

Unprofessional and risky behavior by employees during work hours, potentially leading to accidents or injuries.

Employer Defenses

Legal justifications used by employers to defend against claims brought by employees.

Occupational Diseases

Occupational diseases are illnesses contracted as a result of exposure to risk factors arising from work activity.