The Figure Given Below Shows the Revenue and Cost Curves

question 13

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
-The permanent shut down point of a perfectly competitive firm, in the long run, is:

• A)the minimum point of the AVC curve.
• B)the minimum point of the MC curve.
• C)the minimum point of the AR curve.
• D)the minimum point of the ATC curve.
• E)the minimum point of the AFC curve.

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Definitions:

Consumption

The use of goods and services by households or individuals, typically considered a primary economic activity alongside saving and investing.

Price Change

The difference in the cost of an asset or product over a period, which can increase or decrease.

Garden Yields

The total production or output of plants, vegetables, or fruits from a garden over a particular period of time.

Eggplants

Edible fruits from a species in the nightshade family known for their versatility in cooking and dark purple skin.