Figure 12-9
The figure below depicts average total cost functions for a firm that produces automobiles. 
-Refer to Figure 12-9.In the long run,the firm can operate on which of the following average total cost curves?
Definitions:
Charters
Legal documents that establish a corporation or other organization, setting forth the name, purpose, regulations, and structure of the entity.
State Laws
The legal guidelines and regulations enacted by individual states in the United States, varying significantly from one state to another.
Federal Laws
Statutes enacted by the national government of a country that apply to all its citizens and entities.
Retained Earnings Deficit
A negative balance in retained earnings, indicating that a company has incurred more losses or dividends than profits over its history.
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