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

question 56

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 P₂, the firm

• A)will break even and produce a quantity of Q₂.
• B)will make a profit and produce a quantity of Q₂.
• C)will make a profit and produce a quantity of Q₁.
• D)will make a profit and produce a quantity of Q₃.

---

Definitions:

Legislative Assemblies

Elected governmental bodies with the authority to make, amend, and repeal laws within a specific jurisdiction.

Puritans

A group of English Protestants in the 16th and 17th centuries who sought to purify the Church of England of Roman Catholic practices.

Perpetual Anxiety

The constant state of worry and unease, often without a specific, identifiable cause.

Saved

Preserved or rescued from danger, harm, or disaster.