The Following Figure Shows Equilibrium at the Industry and Firm

question 50

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.
-In the long run, a perfectly competitive firm will produce:

• A)in the upward-sloping portion of its LRAC curve.
• B)where P = minimum AVC.
• C)in the downward-sloping portion of its LRAC curve.
• D)where P is greater than minimum ATC.
• E)where P = minimum ATC.

Recognize the necessity of introducing new employees to company methods and procedures.

Appreciate the value of on-the-job training for updating and acquiring new knowledge.

Identify various elements of employee compensation beyond wages and salaries.

Understand the benefits of flexible benefit packages, including tax advantages.

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