A purely competitive firm should produce in the short run if its total revenue is sufficient to cover its:

A) total variable costs.
B) total costs.
C) total fixed costs.
D) marginal costs.

Economic Profit

The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, indicating the actual profitability of the company beyond just accounting profit.

Purely Competitive

A market structure characterized by many buyers and sellers, homogeneous products, and no barriers to entry or exit.

Total Revenue

The total amount of money a company receives from sales of goods or services, calculated by multiplying the price per unit by the number of units sold.