Which of the Following Diagrams Is Correct

question 21

Multiple Choice

Which of the following diagrams is correct?

• A)A
• B)​B
• C)C
• D)​D

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Definitions:

Competitive Market

A market structure characterized by a large number of buyers and sellers, free entry and exit, and a product that is similar across suppliers, leading to price determination by supply and demand.

Production Function

A mathematical schema that links the inputs utilized in creating goods or services to the outputs produced.

Supply Function

A mathematical relationship that expresses the quantity of a good or service supplied in relation to its price.

Long-Run Total Cost Function

An equation representing the total cost of production when all factors of production are variable and optimized for scale.