The Following Figure Shows Equilibrium at the Industry and Firm

question 95

Multiple Choice

The following figure shows equilibrium at the industry and firm level. Figure 23.6 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.
According to Figure 23.6, an upward shift of the MR curve will result from:

• A)a larger demand.
• B)more firms in the industry.
• C)fewer firms in the industry.
• D)a smaller demand.
• E)the firm being more efficient.

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Districts

Divisions within a country, state, or city designated for administrative, electoral, or other purposes.

Affirmative Defense

A defense in which the defendant introduces evidence, which, if found to be credible, will negate criminal or civil liability, even if it is proved that the defendant committed the alleged acts.

Complaint

A legal document filed in a court that initiates a lawsuit, outlining the plaintiff's claims against the defendant.

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