Consider three firms,A,B and C,all producing kilos of potatoes (per year) in a perfectly competitive market.The diagrams below show marginal cost curves for each of the three firms. 
FIGURE 12-1
-Refer to Figure 12-1.Suppose each of Firms A,B,and C are producing 500 kilos of potatoes.Which of the following statements correctly describes the productive efficiency of this industry?
Definitions:
Optimal Amount
The most favorable level of a certain variable, considering conditions that maximize efficiency or outcomes.
External Benefits
Advantages or positive effects that a transaction or activity provides to people not directly involved in it.
Market Price
The current price at which an asset or service can be bought or sold in a specific market.
Market Output
The total amount of goods and services produced and offered for sale by all firms in a particular market.
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