Figure 12-7 Illustrates the Cost Curves of a Perfectly Competitive

question 99

Multiple Choice

Figure 12-7 illustrates the cost curves of a perfectly competitive firm.
-Refer to Figure 12-7.If the market price is P3 the firm

• A)will break even.
• B)will make a profit.
• C)will earn enough revenue to cover its variable costs but not its fixed costs.
• D)will produce a quantity of Q1.

---

Definitions:

Colonists

Individuals who settle in a new land or territory but maintain ties with their country of origin, often involved in the process of establishing new communities or colonies.

Dissemination of Information

The process of spreading information widely, through various means such as publishing, broadcasting, or the Internet, to make it accessible to a broad audience.

Diaspora

Diaspora refers to the dispersion of any people from their original homeland to multiple locations around the world, often maintaining cultural or social connections with their place of origin.

Grand Settlement of 1701

A historical agreement, also known as the Great Peace of Montreal, between New France and 39 First Nations of North America.