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Loraine Loraine
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Posts: 4563
8 years ago
If a perfectly competitive firm's average total cost is less than the price, then the firm
A) incurs an economic loss.
B) makes an economic profit.
C) makes zero economic profit.
D) makes either zero economic profit or an economic profit depending on whether the marginal revenue is equal to or greater than the price.
E) None of the above answers is correct because the relationship between the price and average total cost has nothing to do with the firm's profit.
Textbook 
Essential Foundations of Economics

Essential Foundations of Economics


Edition: 7th
Authors:
Read 141 times
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Start by doing what's necessary; then do what's possible; and suddenly you are doing the impossible.
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SmooothSmoooth
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8 years ago
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8 years ago
Don't mention it Happy Dummy
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