The Following Figure Shows Equilibrium at the Industry and Firm

question 54

Multiple Choice

The following figure shows equilibrium at the industry and firm level.Figure 10.6
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.
-Under the long-run equilibrium, for perfectly competitive markets without any government intervention,:

• A)producer surplus is greater than consumer surplus.
• B)consumer surplus is greater than producer surplus.
• C)the sum of consumer and producer surplus is maximized.
• D)consumer surplus is maximized.
• E)producer surplus is maximized.

---

Definitions:

Family Sitcoms

Television programs that focus on comedic situations and stories revolving around family life.

Television Analysis

The study of television and its content, often focusing on themes, narratives, representations, and the medium's impact on culture and society.

Family Sitcoms

Television programs focused on comedy that primarily center around family life and relationships.

Television Shows

Programs broadcasted on television, including genres such as drama, comedy, reality, and news, among others, intended for entertainment or information.