Figure 12-7 Figure 12-7 Illustrates the Cost Curves of a Perfectly Competitive

question 246

Multiple Choice

Figure 12-7

Figure 12-7 illustrates the cost curves of a perfectly competitive firm.
-Refer to Figure 12-7.If the market price is P₃, the firm

• A)will break even.
• B)will make a profit.
• C)will earn enough revenue to cover its variable costs but not its fixed costs.
• D)will produce a quantity of Q₁.

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