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Graph 14-5 the Graph Depicts the Cost Structure of a Firm

Question 106

Multiple Choice

Graph 14-5
Graph 14-5 The graph depicts the cost structure of a firm in a competitive market. Use the graph to answer the following question(s) . -Refer to Graph 14-5. When market price is P<sub>5</sub>, a profit-maximising firm's profits can be represented by the area: A) (P<sub>5</sub> - P<sub>4</sub>) * Q<sub>3</sub> B) P<sub>5</sub> * Q<sub>3</sub> C) (P<sub>5</sub> - P<sub>3</sub>) * Q<sub>2</sub> D) when market price is P<sub>5</sub> there are no profits
The graph depicts the cost structure of a firm in a competitive market. Use the graph to answer the following question(s) .
-Refer to Graph 14-5. When market price is P5, a profit-maximising firm's profits can be represented by the area:


A) (P5 - P4) * Q3
B) P5 * Q3
C) (P5 - P3) * Q2
D) when market price is P5 there are no profits

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