In the Short Run, a Firm Operating in a Competitive

question 386

Multiple Choice

In the short run, a firm operating in a competitive industry will shut down if price is

• A)less than average total cost.
• B)less than average variable cost.
• C)greater than average variable cost but less than average total cost.
• D)greater than marginal cost.

---

Definitions:

Object Permanence

The recognition that items persist in existence even when they're not visible, audible, or perceptible through any senses.

Conservation

The practice of protecting and preserving natural resources and the environment for future generations.

Hypothetical Questions

Inquiries made to explore possibilities, outcomes, or scenarios that are not based on current reality but on conjecture.

Personal Fable

A cognitive distortion observed in adolescents who believe their thoughts, feelings, and experiences are unique and exceptional.