The following graph (A) represents the cost curves for a representative firm in a perfectly competitive market.The market demand is shown in graph (B) :
-Refer to the above graph above to answer this question.At the equilibrium price in this market,what will be the representative firm's output?
Definitions:
Do Your Best Goal
A motivational objective that encourages individuals to perform at their maximum capability without setting a specific performance target.
Expectancy Theory
A motivation theory suggesting that individuals are likely to act in a certain way based on the expectation that the act will be followed by a given outcome and the attractiveness of that outcome.
Instrumentality
The perceived relationship between performance and the attainment of desired outcomes, in the context of motivation theory.
Equity Theory
A concept in social psychology that suggests individuals determine the fairness of their job outcomes by comparing themselves to others.
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