In the Short Run, If P < AVC at the Quantity

question 294

Multiple Choice

In the short run, if P < AVC at the quantity where MR = MC, a perfectly competitive firm produces _____ and takes an economic _____.

• A) output; profit
• B) output; loss
• C) no output; profit
• D) no output; loss

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Definitions:

Rationalize

A method in mathematics used to eliminate the radical (such as a square root) from the denominator of a fraction.

Numerator

The top number in a fraction that indicates how many parts of a whole are being considered.

Evaluate

The process of calculating the value of an expression for a given value of its variables.

Expression

Any mathematical phrase that can contain numbers, variables, and operation symbols, but does not have an equality symbol.