Use the Figure Below to Answer the Following Questions

question 59

Multiple Choice

Use the figure below to answer the following questions. Figure 11.3.1
-Refer to Figure 11.3.1,which shows the cost curves and marginal revenue curve of a firm in a perfectly competitive industry.In the short run,the firm will

• A)exit from the industry if price is greater than average variable cost.
• B)break even.
• C)make an economic profit.
• D)incur an economic loss if price is greater than average variable cost.
• E)raise the price.

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Definitions:

Goal Clarity

The extent to which the objectives or targets one aims to achieve are defined, understood, and actionable.

Goals

Targets or desired outcomes that an individual, group, or organization aims to achieve within a specific timeframe.

Specific

Clearly defined or identified; in a business context, it often refers to precise goals, objectives, or tasks that have distinct boundaries and requirements.

Measurable

Capable of being quantified or assessed through specific metrics or criteria.