The Figure Given Below Shows the Revenue and Cost Curves

question 65

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
-For a perfectly competitive firm, in the short run, which of the following statements is true?

• A)A price above minimum average variable cost, but below average total cost will produce an economic profit.
• B)A price below minimum average variable cost will cause the firm to shut down.
• C)Marginal cost is parallel to the axis showing quantity of output.
• D)Price is always greater than marginal revenue.
• E)Every firm contributes a significant amount to the total market output.

Understand the economic realities and challenges faced by individuals in various socio-economic classes.

Analyze the impact of social supports and stigmas on the success and perception of individuals from different socio-economic backgrounds.

Identify and critique the role of paid work in shaping individuals' life habits and daily structure.

Recognize the intersectionality of race, gender, and class in labor history and current employment experiences.

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Definitions:

Interview Closing Process

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Next Step Questions

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