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itshammertime itshammertime
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Short description: A graph plots quantity against dollars. Long description: The horizontal axis representing quantity lists the following values from left to right: q subscript 1 and q subscript 2. The vertical axis representing dollars lists the following values from bottom to top: P subscript 0, P subscript 1, P subscript 2, P subscript 3, and P subscript 4. The graph plots three lines. The line representing MC passes through the following points: (0, P subscript 0), (q subscript 1, P subscript 1), and (q subscript 2, P subscript 2). The line representing MR passes through the following points: (0, P subscript 4), (q subscript 1, P subscript 1), and (q subscript 2, P subscript 0). The line representing D passes through the following points: (0, P subscript 4), (q subscript 1, P subscript 3), and (q subscript 2, P subscript 2). The line, MC intersects the line, MR and D at points A: (q subscript 1, P subscript 1) and E: (q subscript 2, P subscript 2). Two vertical dashed lines are drawn at q subscript 1 and q subscript 2 which meets the line, D at C and E, and line, MR at A and F. Two horizontal dashed lines are drawn from P subscript 3 and P subscript 2to meet the line, D at C and E. A horizontal dashed line is drawn from P subscript 1 to meet the intersection point of lines, MC and MR. Point B is at (q subscript 1, P subscript 2).

FIGURE 12-3

Refer to Figure 12-3. If the diagram is depicting a perfectly competitive industry, the equilibrium price and quantity is



▸ P1 and q2.

▸ P2 and q1.

▸ P3 and q1.

▸ P2 and q2.

▸ P1 and q1.
Textbook 
Microeconomics

Microeconomics


Edition: 17th
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mattloftergenermattloftergener
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itshammertime Author
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A year ago
Thanks for your help!!
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You make an excellent tutor!
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