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Zergnet Zergnet
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A year ago


Short description: Four graphs labelled diagrams 1 to 4. Long description: 1: The horizontal axis represents the quantity and the vertical axis represents the price. The graph shows a horizontal line representing AR, a concave up increasing curve representing MC, and a U-shaped curve representing ATC. The horizontal line lies at a mid price value. MC begins at a point near the bottom-left of the graph and ends at a point near the top-right. ATC begins at a point near the left-center and ends at a point near the right-center. ATC intersects AR at two points. ATC and MC intersect at a point. MC and AR intersect at a point.   2: The horizontal axis represents the quantity and the vertical axis represents the price. The graph shows a horizontal line representing AR, a concave up increasing curve representing MC, and two U-shaped curves representing ATC and AVC. The horizontal line lies at a mid price value. MC begins at a point near the bottom-left of the graph and ends at a point near the top-right. AVC begins at a point near the left-center and ends at a point near the right-center. ATC begins at a point near the top-left of the graph and ends at a point near the top-right. AVC intersects AR at three points. ATC and MC intersect at a point. MC and AR intersect at a point.  3: The horizontal axis represents the quantity and the vertical axis represents the price. The graph shows a horizontal line representing AR, a concave up increasing curve representing MC, and two U-shaped curves representing SRAC and LRAC. The horizontal line lies at a mid price value. MC begins at a point near the bottom-left of the graph and ends at a point near the top-right. SRAC and LRAC begin at points near the left-center and end at points near the right-center. All the curves intersect the horizontal line at the same point.  4: The horizontal axis represents the quantity and the vertical axis represents the price. The graph shows two decreasing lines representing MR and AR, a concave up increasing curve representing MC, and a U-shaped curve representing ATC. MR and AR begin at points on the vertical axis at a high price. MR ends at a point on the horizontal axis near the mid quantity.  MC begins at a point near the bottom-left of the graph and ends at a point near the top-right. ATC begins at a point near the top-left and ends at a point near the top-right. AR ends at a point on the horizontal axis at a higher quantity. MC intersects MR, AR, and ATC at different points.

FIGURE 11-3

Refer to Figure 11-3. In diagram 1, the profit-maximizing output for a competitive firm is one where



▸ P > MC.

▸ AR = ATC.

▸ P = AR = MC.

▸ P < MC.

▸ ATC is at the minimum.
Textbook 
Microeconomics

Microeconomics


Edition: 17th
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