Figure 7-15 
-Use Figure 7-15 to answer the following questions.
a.How can you determine that the figure represents a graph of a perfectly competitive firm? Be specific; indicate which curve gives you the information and how you use this information to arrive at your conclusion.
b.What is the market price?
c.What is the profit-maximising output?
d.What is total revenue at the profit-maximising output?
e.What is the total cost at the profit-maximising output?
f.What is the profit or loss at the profit-maximising output?
g.What is the firm's total fixed cost?
h.What is the total variable cost?
i.Identify the firm's short-run supply curve.
j.Is the industry in a long-run equilibrium?
k.If it is not in long-run equilibrium,what will happen in this industry to restore long-run equilibrium?
l.In long-run equilibrium,what is the firm's profit maximising quantity?
Definitions:
Heterogeneity
The quality or state of being diverse in character or content; the presence of dissimilar elements within a group or environment.
Social Loafing
The phenomenon where individuals exert less effort to achieve a goal when they work in a group compared to when they work alone.
Conforming
Adjusting one's behavior or thinking to align with group norms or expectations.
Team Development
The process of enhancing the capability and functionality of a team through various strategies and practices aimed at improving collaboration and performance.
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