Figure 10.14 -Refer to Figure 10.14.If the Diagram Represents a Typical Firm

question 180

Multiple Choice

Figure 10.14
-Refer to Figure 10.14.If the diagram represents a typical firm in the market, what is likely to happen to its average cost of production in the long run?

• A)It will probably fall since the firm must be cost efficient to remain competitive.
• B)It will probably fall since the firm will be selling less than its current amount.
• C)It will probably rise since the firm will be producing less than its current amount.
• D)It will probably rise since its long-run demand is likely to be higher.

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