-Use the Figure Above to Answer This Question

question 279

Multiple Choice

-Use the figure above to answer this question.Consider a perfectly competitive firm in a short run equilibrium.Figure ________ shows a firm in bad times because the firm makes a(n) ________.

• A) A; economic loss of $4 per unit if the firm decides to operate
• B) A; economic loss of $4 so it must close
• C) B; economic loss of $3 per unit
• D) B; economic profit because the price exceeds average variable cost
• E) C; normal profit and can stay open in the long run

---

Definitions:

Frequency Distribution

A summary of how often each value occurs in a dataset by grouping values into intervals or categories.

Business School Graduates

Individuals who have successfully completed their studies at a business school, often obtaining degrees such as MBA.

Scatter Diagram

A graphical representation using dots to show the relationship between two variables.

Nominal Variables

Variables that represent categories without any natural order or ranking among them.