dicroecomomics Quizt3 Sumamer 2018 6/28/2018 Revenue and cost (dollars per si) O

Question

dicroecomomics Quizt3 Sumamer 2018 6/28/2018 Revenue and cost (dollars per si) Output (units per year) 1) The above figure illustrates a perfectly competitive firm. Curve A represents the A) MR curve. B) ATC curve C) MC curve. D) AVC curve. E) AFC curve. 2) The above figure illustrates a perfectly competitive firm. Curve B represents the A) MR curve. B) ATC curve C) MC curve. D) AVC curve E) AFC curve. 3) The above figure illustrates a perfectly competitive firm. Curve C represents the A) MR curve. B) ATC curve. C) MC curve. D) market demand curve. E) AFC curve. Total revenue and total cost (dollars per day)

Explanation / Answer

1. Curve A represents the MR curve under perfectly competitive market. Hence,option (A) is correct.

2. Curve B represents the MC curve under perfectly competitive market. Hence, option (C) is correct.

3. Curve C represents the ATC curve because MC curve intersects the ATC curve at its minimum. Hence,option(B) is correct.

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