The Figure Below Shows a Family of Cost Curves for a Firm

question 87

Multiple Choice

The figure below shows a family of cost curves for a firm. The subscripts 1, 2, and 3 for the SRATC curves refer to different plant sizes. FIGURE 8- 3
-Refer to Figure 8- 3. Should this firm ever consider moving from point E (output level Q3 on SRATC2) to point F (output level Q5 on SRATC3) ?

• A) Yes, because the firm can take advantage of economies of scale.
• B) Yes, if the product price rises enough to lead the firm to expand to plant size 3.
• C) No, because they are already producing at their lowest possible cost at point E.
• D) No, because producing at point F implies a higher cost per unit of output.
• E) Yes, because SRATC3 is the optimal plant size for this firm.

Understand the interplay between photosynthesis and respiration in the global carbon and oxygen cycles.

Describe the metabolic fate of different macromolecules (carbohydrates, fats, proteins) during cellular respiration.

Recognize the environmental context of metabolic processes, including early Earth's atmosphere and the evolution of aerobic life.

Understand the biochemical basis of energy production from ATP during cellular respiration.

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