The break-even price for a perfectly competitive firm is the price that is equal to
A. MC.
B. MR
C. AVC.
D. ATC.
Answer: D
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The law of increasing opportunity cost implies that
A) producing additional units of one good results in proportionately smaller reductions in output of the other good. B) producing additional units of one good results in increasing amounts of lost output of the other good. C) the production possibilities curve will be a straight line. D) the society will be producing on its production possibilities curve.
The opportunity cost of a particular good tends to increase with its rate of output because some resources cannot be easily adapted from the production of one good or service to another
a. True b. False Indicate whether the statement is true or false
When the government wishes to help producers of goods (such as farmers) by establishing the minimum price at which their good can be sold, economists call this a
A. alternative price. B. price statement. C. price ceiling. D. price floor.
Education makes people more receptive to new ideas and methods, which leads to economic development
a. True b. False