The Figure Given Below Shows the Revenue and Cost Curves

question 124

Multiple Choice

The figure given below shows the revenue and cost curves of a perfectly competitive firm.Figure 10.5
MC: Marginal cost curve
MR: Marginal revenue curve.ATC: Average-total-cost curve
AVC: Average-variable-cost curve
-In the short run, the firm's break-even point is:

• A)the minimum point of the firm's demand curve.
• B)the minimum point of the firm's average-total-cost curve.
• C)the minimum point of the firm's average-variable-cost curve.
• D)the minimum point of the firm's marginal-cost curve.
• E)the minimum point on the average-fixed-cost curve.

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Definitions:

Conditional Reasoning

Conditional reasoning is a form of logical thinking that involves establishing a relationship between two propositions where one is a condition of the other.

Visual Memory

The ability to remember information encoded in visual form, which can be used to recall facts, details, or the physical location of objects.

Chunking

A process of reorganizing (or recoding) materials in working memory by combining a number of items into a single, larger unit.

Recognition

A type of retrieval that requires you to judge whether you have encountered a stimulus previously.