The Following Question Are Based on the Following Graph, Showing

question 1

Multiple Choice

The following question are based on the following graph, showing short-run supply and demand curves for a perfectly competitive market. The initial supply curve is labeled "Supply" and the initial demand curve is labeled "Demand." Price 0A and output rate 0X represent the initial equilibrium price and output.

-The typical producer in this market

• A) faces a demand curve less elastic than the one shown.
• B) minimizes total cost.
• C) produces a tiny fraction of output 0X.
• D) must produce at least 0Y.
• E) must increase price to break even.

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