Price in a Perfectly Competitive Industry

question 238

Multiple Choice

Price in a perfectly competitive industry:

• A)is determined by each firm,depending on its costs of production.
• B)is always equal to marginal revenue for the firm.
• C)must be greater than average total cost or the firm will shut down in the short run.
• D)is indeterminate in the short run.

---

Definitions:

Matrix

The intercellular substance or framework within a tissue or an organism, providing support and regulating behavior of the cells.

Ligaments

Fibrous connective tissues that connect bones to other bones, contributing to joint stability.

Perichondrium

A dense layer of connective tissue that envelopes cartilage, providing nutrients and aiding in growth.

Chondrocyte

Mature cartilage cell.