Refer to the Graph Shown, Which Depicts a Perfectly Competitive

question 20

Multiple Choice

Refer to the graph shown, which depicts a perfectly competitive firm. If the price of the product is $8 and the firm maximizes profit:

• A) the firm will earn economic profits of more than $330 per day.
• B) average cost of the product will be at the minimum possible level.
• C) output will be 100 units per day.
• D) the industry will be in long-run equilibrium.

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Definitions:

Axon Terminal

The endpoint of an axon, which facilitates the transmission of signals to other neurons or muscles via neurotransmitters.

Synapse

The junction between neurons where nerve impulses are transmitted from one neuron to another.

Transmitting Messages

The act of conveying information or communication from one person, group, or place to another.

Neurons

Unique nerve cells within the nervous system responsible for sending signals to other neural cells, muscular cells, or glands.