-The Figure Above Shows the Market Demand Curve and the ATC

question 3

Multiple Choice

-The figure above shows the market demand curve and the ATC curve for a firm.If all firms in the market have the same ATC curve,the lowest price at which a firm could stay in business in the long run is ________ per unit and the quantity demanded in the market at that price is ________ units per hour.

• A) $20; 4,000
• B) $10; 8,000
• C) $10; 4,000
• D) $20; 2,000
• E) $20; 8,000

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Definitions:

Selective Attention

The cognitive process of focusing on specific stimuli in the environment while ignoring others, allowing for more efficient information processing.

Distributive Justice

The ethical principle concerned with the fair and equitable distribution of goods and resources in society.

Cultural

Pertains to the ideas, customs, social behavior, and artifacts of a particular society, group, or time period.

Economic

Relating to economics or the economy, the study of how societies use resources to produce goods and distribute them among individuals.