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Figure 13-7 Figure 13-7 Shows Short-Run Cost and Demand

Question 98

Multiple Choice

Figure 13-7 Figure 13-7 Figure 13-7 shows short-run cost and demand curves for a monopolistically competitive firm in the footwear market. -Refer to Figure 13-7. Which of the following is the area that represents the profit or loss experienced by the firm? A) a loss represented by the rectangle P<sub>2</sub>uvP<sub>1</sub> B) a loss represented by the rectangle P<sub>2</sub>uwP<sub>0</sub> C) a loss represented by the rectangle P<sub>1</sub>vwP<sub>0</sub> D) an accounting profit equal to P<sub>1</sub>vwP<sub>0</sub> Figure 13-7 shows short-run cost and demand curves for a monopolistically competitive firm in the footwear market.
-Refer to Figure 13-7. Which of the following is the area that represents the profit or loss experienced by the firm?


A) a loss represented by the rectangle P2uvP1
B) a loss represented by the rectangle P2uwP0
C) a loss represented by the rectangle P1vwP0
D) an accounting profit equal to P1vwP0

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