Figure 84 Figure 8

question 262

Multiple Choice

Figure 8.4 Figure 8.4 shows the cost and demand curves for a profit-maximising firm in a perfectly competitive market.
-Refer to Figure 8.4.If the market price is $30, should the firm represented in the diagram continue to stay in business?

• A)No, it should shut down because it is incurring a loss.
• B)No, it should shut down because it cannot cover its variable cost.
• C)Yes, because it is covering part of its fixed cost.
• D)Yes, because it is making a profit.

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Definitions:

Anglo-Saxons

A group of Germanic peoples who migrated to Great Britain from continental Europe, whose culture and language significantly influenced the early medieval history of England.

Native American

Indigenous peoples of the Americas who were the original inhabitants of the land prior to European colonization, with diverse cultures, languages, and histories.

Randolph Bourne

An early 20th-century American intellectual and writer known for his criticisms of U.S. involvement in World War I and his essays on society and culture.

Multiculturalism

An ideology or policy that promotes the presence, acceptance, and interaction of diverse cultures within a society, emphasizing mutual respect and equality.