Multiple Choice
Consider a perfectly competitive firm in the short run.Assume that it is sustaining economic losses but continues to produce at the profit-maximizing (loss-minimizing) output.Which statement is FALSE?
A) Marginal cost is less than average total cost.
B) Marginal cost is equal to marginal revenue.
C) Price is equal to marginal cost.
D) Marginal cost is less than average variable cost.
Correct Answer:
Verified
Correct Answer:
Verified
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