Multiple Choice
Consider a perfectly competitive firm in the short run.Assume that the firm produces the profit-maximizing output and earns economic profits.Which statement is definitely FALSE?
A) Price is equal to marginal cost.
B) Price is equal to marginal revenue.
C) Price is equal to average total cost.
D) Marginal cost is greater than average total cost.
Correct Answer:
Verified
Correct Answer:
Verified
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