Use the following to answer question(s) :
Exhibit: Profit Maximizing
-(Exhibit: Profit Maximizing) The exhibit shows cost curves for a firm operating in a perfectly competitive market. Which of the following statements is true?
A) AFC is represented in this exhibit by the vertical distance between Curve M and Curve N at any level of output.
B) AFC is represented in this exhibit by the vertical distance between Curve N and Curve O at any level of output.
C) This exhibit illustrates the long run because all costs are variable.
D) Quantity q2 is to the left of the shutdown point.
Correct Answer:
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