A Firm in Pure Competition Would Shut Down When

question 23

Multiple Choice

A firm in pure competition would shut down when:

• A) price is less than average total cost
• B) price is less than average fixed cost
• C) price is less than marginal cost
• D) price is less than average variable cost

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Definitions:

Passive Objects

describes entities or individuals that receive actions or are acted upon without actively responding or initiating action.

Determined

Having a strong resolve or firmness of purpose.

Heroin

is an illegal opioid drug derived from morphine, highly addictive, and known for its euphoric effects.

Widely Used

Refers to something that is employed or adopted on a large scale across various regions or groups.