The Following Figure Shows Equilibrium at the Industry and Firm

question 50

Multiple Choice

The following figure shows equilibrium at the industry and firm level.Figure 10.6
In the figure,
S₁, S₂, S₃ are the market supply curves.D₁ and D₂ are the market demand curves.MC is the marginal cost curve of the firm.MR₁ and MR₂ are the marginal revenue curves of the firm.ATC is the average-total-cost curve of the firm.
-In the long run, a perfectly competitive firm will produce:

• A)in the upward-sloping portion of its LRAC curve.
• B)where P = minimum AVC.
• C)in the downward-sloping portion of its LRAC curve.
• D)where P is greater than minimum ATC.
• E)where P = minimum ATC.

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Sexually Transmitted Infection (STI)

An infection transmitted through sexual contact, caused by bacteria, viruses, or parasites.

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Human Immunodeficiency Virus, which compromises the immune system, can result in Acquired Immunodeficiency Syndrome (AIDS) if left untreated.

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