The figure given below shows the aggregate demand and supply curves of a perfectly competitive market.Figure 10.7
-If at the profit maximizing level of output, the AR curve lies below the ATC curve in the short run, the firm is earning positive economic profit.
Definitions:
Photoreceptor
Sensory receptor that is sensitive to light—for example, rods and cones of the retina.
Lens Flattens
A process where the lens of the eye changes shape, becoming less curved, to focus distant objects clearly onto the retina.
Ciliary Muscles
Ring-shaped muscles located in the eye that control the shape of the lens to focus on objects at varying distances.
Pupil Diameter
The size of the opening in the center of the iris of the eye, which varies to regulate the amount of light reaching the retina.
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