If perfectly competitive firms are producing at a profit-maximizing level of output where the price is equal to the average total cost: Select one: a. average total cost must be minimized. O b. economic profits must be zero. c. accounting profits must be positive. d. All of these are true. Clear my choice

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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If perfectly competitive firms are producing at a profit-maximizing level of
output where the price is equal to the average total cost:
Select one:
a. average total cost must be minimized.
b. economic profits must be zero.
c. accounting profits must be positive.
d. All of these are true.
Clear my choice
Transcribed Image Text:If perfectly competitive firms are producing at a profit-maximizing level of output where the price is equal to the average total cost: Select one: a. average total cost must be minimized. b. economic profits must be zero. c. accounting profits must be positive. d. All of these are true. Clear my choice
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