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Use the following to answer questions: Use the following to answer questions:   -(Table: Lunch)  Look at the figure Lunch. Joe makes and sells picnic lunches to people taking all-day rafting trips on the river. The marginal cost and average cost of each lunch are a constant $4. If Joe is one of many firms in a competitive industry, what is consumer surplus in the long run? A)  $4 B)  $10 C)  $180 D)  $360
-(Table: Lunch) Look at the figure Lunch. Joe makes and sells picnic lunches to people taking all-day rafting trips on the river. The marginal cost and average cost of each lunch are a constant $4. If Joe is one of many firms in a competitive industry, what is consumer surplus in the long run?


Definitions:

Genius

An exceptional intellectual or creative power or other natural ability.

Water Consumption

The volume of water utilized by individuals, industries, agriculture, or other entities over a specific period.

National Center for Health Statistics

A U.S. government agency that compiles statistical information to guide actions and policies to improve the health of the American people.

Standard Deviation

A figure representing how much the data in a set deviates from its central value, the mean.

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