-In the Above Figure, If the Milk Industry Is Perfectly

question 435

Multiple Choice

-In the above figure, if the milk industry is perfectly competitive, then the firm's marginal revenue curve is represented by

• A) curve F.
• B) curve G.
• C) curve H.
• D) curve I.

---

Definitions:

Long-Run Cost Function

A representation of the total cost associated with producing a given level of output when all inputs, including capital, can be varied.

Positive Output

A situation in which an economic model or production process results in a positive amount of goods or services being produced.

Supply Function

A mathematical relationship that shows the quantity of a good or service that producers are willing and able to sell at different prices.

Long-Run Cost Function

A graphical or mathematical representation that shows the lowest cost at which a firm can produce any given level of output in the long run, when all inputs are variable.