The Following Figure Shows Equilibrium at the Industry and Firm

question 41

Multiple Choice

The following figure shows equilibrium at the industry and firm level.Figure 10.6
In the figure,
S₁, S₂, S₃ are the market supply curves.D₁ and D₂ are the market demand curves.MC is the marginal cost curve of the firm.MR₁ and MR₂ are the marginal revenue curves of the firm.ATC is the average-total-cost curve of the firm.
-According to Figure 10.6, in the long run, the firm:

• A)will produce at quantity 9 and price $1.50.
• B)will produce at quantity 9 and price $1.
• C)will produce at quantity 10 and price $1.50.
• D)will produce at quantity 10 and price $1.25.
• E)will shut down.

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Definitions:

Bored

A state of feeling disinterested or weary because of lack of entertainment or stimulation.

Sensory Deprivation

A condition in which an individual lacks sensory input to the brain, often leading to various cognitive and emotional effects.

Disorientation

A state of mental confusion or lack of orientation in time, space, or personal identity.

Aggressiveness

A behavioral pattern characterized by assertiveness and boldness, often with a readiness to confront or challenge.