The Figure Given Below Shows the Revenue and Cost Curves

question 5

Multiple Choice

The figure given below shows the revenue and cost curves of a perfectly competitive firm.Figure 10.5
MC: Marginal cost curve
MR: Marginal revenue curve.ATC: Average-total-cost curve
AVC: Average-variable-cost curve
-An individual perfectly competitive firm's supply curve is its:

• A)average-fixed-cost curve.
• B)marginal revenue curve.
• C)average-variable-cost curve.
• D)marginal cost curve.
• E)total cost curve.

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Definitions:

Quality

The ability of a product or service to meet customer needs.

Costs

The expenditure incurred or the resources consumed in the process of producing goods or services or carrying out any activity.

Kaizen

A focus on continuous improvement.

Continuous Improvement

A continuous endeavor to enhance products, services, or processes through both small and significant advancements.