The Following Graph Shows the Demand and Cost Curves of an Imperfectly

question 114

Multiple Choice

The following graph shows the demand and cost curves of an imperfectly competitive firm.MC and ATC represent the marginal cost curve and the average cost curve respectively. Figure 22.1 Refer to Figure 22.1.At price P₁ the firm sells quantity Q₁, and total cost is shown by:

• A)the rectangle ABCD.
• B)the rectangle ABEF.
• C)the rectangle FECD.
• D)the distance AB.
• E)the distance BC.

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