Price2120191817161514131211109765432103-ABCDMarginal costAAverage total costAverage variable cost0 3 6 9 12 15 18 21 24 27 30 33 36 39 42QuantityWhich point or points are included in the firm's supply curve in the short run?None of these points are on the firm's short-run supply curve.BсD The graph shows the cost curves of an individual firm in a perfectly (or purely) competitive industry. Use the points A, B,C, and D to trace out the firm's profit-maximing output decisions, according to the instructions.Place point A at the shutdown decision point.Place point B at the point where the firm is making a loss but will continue to operate in the short run.Place point C at the break-even point.Place point D at the point where the firm is making an economic profit.Price212019181716151413-1211109B765432100ABCD●●●3Marginal costAverage total costAverage variable cost69 12 15 18 21 24 27 30 33 36 39 42Quantity

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Price 21 20 19 18 17 6543 16 15 14 13 12 11 HO9BTSASTO 10 8 7 6 5 4 3 2 1 0 ABCD ●● Marginal cost Average total cost D A Average variable cost 0 3 6 9 12 15 18 21 24 27 30 33 36 39 42 Quantity Which point or points are included in the firm's supply curve in the short run? None of these points are on the firm's short-run supply curve. B c с

Price 21 20 19 18 17 6543 16 15 14 13 12 11 HO9BTSASTO 10 8 7 6 5 4 3 2 1 0 ABCD ●● Marginal cost Average total cost D A Average variable cost 0 3 6 9 12 15 18 21 24 27 30 33 36 39 42 Quantity Which point or points are included in the firm's supply curve in the short run? None of these points are on the firm's short-run supply curve. B c с

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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QUESTION 33 Consider a major producer of liquid soap. Which of the following would not shift its supply curve of liquid soap inward (to the left)? O a. A substitute in supply becomes more profitable O b. Environmental regulations requiring the producer to use a more costly technology to produce liquid soap O c. An increase in the wage rate for factory workers who produce liquid soap O d. A decrease in the price of liquid soap
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