Which of the following is not a valid generalization concerning the relationship between price and costs for a purely competitive seller in the short run?
Multiple Choice
O
Price must be at least equal to average total cost.
Price times quantity produced must be equal to or greater than total variable cost for some level of output or the firm will close down in the
short run.
Price may be equal to, greater than, or less than average total cost.
Price must be equal to or greater than minimum average variable cost for the firm to continue producing.

Question

utbfillar3 utbfillar3

14-11-2022
Business

contestada

Which of the following is not a valid generalization concerning the relationship between price and costs for a purely competitive seller in the short run?
Multiple Choice
O
Price must be at least equal to average total cost.
Price times quantity produced must be equal to or greater than total variable cost for some level of output or the firm will close down in the
short run.
Price may be equal to, greater than, or less than average total cost.
Price must be equal to or greater than minimum average variable cost for the firm to continue producing.

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NomulaHarsh NomulaHarsh · Answer 1 · 2022-11-18T07:36:35+01:00

The following is not a valid generalization that price may be equal to, greater than, or less than average total cost for a purely competitive seller in the short run.

What is Average Total Cost of a Product?

The average total cost is calculated by dividing the total cost of production by the total output. In other words, the average cost is the sum of the firm's total fixed and variable costs divided by the sum of the units it produces. Average cost, often known as unit cost, in economics is the total cost divided by the quantity of a good produced: Display style AC = frac TC Q. Average cost strongly influences how businesses decide to price their items.

Hence, the option c is correct which is Price may be equal to, greater than, or less than average total cost.

To learn more about average total cost click,

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