If Firms Are Competitive and Profit Maximizing, the Price of a Good

question 233

Multiple Choice

If firms are competitive and profit maximizing, the price of a good equals the

• A)marginal cost of production.
• B)fixed cost of production.
• C)total cost of production.
• D)average total cost of production.

---

Definitions:

Focus Group

A qualitative research method involving a small group of people gathered to discuss a particular topic or product under the guidance of a moderator.

College Instructors

Educators who teach students in post-secondary institutions, such as colleges and universities.

Management Textbook

A publication containing theories, practices, and case studies related to the management field.

Online Survey

A data collection tool where respondents answer questions over the internet for research or customer feedback purposes.