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Figure 12-7 Figure 12-7 Illustrates the Cost Curves of a Perfectly

Question 131

Multiple Choice

Figure 12-7 Figure 12-7 Figure 12-7 illustrates the cost curves of a perfectly competitive firm. -Refer to Figure 12-7. If the market price is P<sub>2 </sub>the firm A) will break even and produce a quantity of Q<sub>2</sub>. B) will make a profit and produce a quantity of Q<sub>2</sub>. C) will make a profit and produce a quantity of Q<sub>1</sub>. D) will make a profit and produce a quantity of Q<sub>3</sub>. Figure 12-7 illustrates the cost curves of a perfectly competitive firm.
-Refer to Figure 12-7. If the market price is P2 the firm


A) will break even and produce a quantity of Q2.
B) will make a profit and produce a quantity of Q2.
C) will make a profit and produce a quantity of Q1.
D) will make a profit and produce a quantity of Q3.

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