The Figure Given Below Shows Three Short Run Average Total

question 69

Multiple Choice

The figure given below shows three Short Run Average Total Cost (SRATC) curves and the Long Run Average Total Cost (LRATC) curve of a firm.Figure 8.3

-Refer to the Figure 8.3. In the long run, an increase in production from Q₁ to Q₃ would:

• A)increase average cost by C₄ - C₁.
• B)increase average cost by C₃ - C₁.
• C)increase average cost by C₃ - C₂.
• D)decrease average cost by C₃ - C₁.
• E)decrease average cost by C₃ - C₂.

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Definitions:

Job Satisfaction

The level of contentment or happiness that individuals feel with their job, including aspects like work environment, duties, and compensation.

Labor Force

The total number of people employed plus the number actively seeking employment.

Female

Denoting the sex that can bear offspring or produce eggs, distinguished biologically by the production of gametes (ova) which can be fertilized by male gametes.

Sigmund Freud

A neurologist from Austria who established psychoanalysis as a therapeutic approach for treating mental disorders through conversational interactions between a psychoanalyst and their patient.