Which Statement Is TRUE

question 219

Multiple Choice

Which statement is TRUE?

• A)Profit per unit is price minus MC.
• B)Total economic profit is per-unit profit times quantity.
• C)If price is less than ATC,the firm will break even in the short run.
• D)If price is less than marginal cost,the perfectly competitive firm should raise the price and increase output.

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Definitions:

External Equity

Refers to an organization’s compensation strategy being competitive with what other employers offer for similar jobs in the market.

Wage Curve

A graphical representation showing the relationship between the wage rate and the level of unemployment in an economy.

Relative Worth

The perceived value or importance of something in comparison to other items or factors.

Wage Rates

The fixed amount of compensation paid to an employee per unit of time, often per hour or day.