Use the Following to Answer Question

question 59

Multiple Choice

Use the following to answer question:
Figure: Comparing Long-Run Equilibriums
-(Figure: Comparing Long-Run Equilibriums) Use Figure: Comparing Long-Run Equilibriums.Which statement is FALSE?

• A)The firm in panel (a)produces where price equals marginal cost and average total cost.
• B)The firm in panel (b)produces where price equals marginal cost.
• C)The firm in panel (b)produces where price equals average total cost.
• D)The firm in panel (a)produces where price equals average total cost.

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Definitions:

Factors Of Production

Inputs necessary for the creation of goods and services, including labor, land, capital, and entrepreneurship.

Circular-Flow Diagram

A visual model of the economy that shows how dollars flow through markets among households and firms, illustrating the interactions between key sectors of the economy.

Factors Of Production

Resources used in the creation of goods and services, traditionally categorized into land, labor, capital, and entrepreneurship.

Doghouses

Small shelters provided for dogs, typically placed outdoors, offering protection and a comfortable space for pets.