Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Please help me find the true statements, I originally choose 1,5,8, 9, 11, and 12 but I got an incorrect. Thank you.
1. This firm is a
2. This firm is competing in a perfectly competitive market
3.The firm will choose to produce quantity Q1
4.The firm will choose to produce quantity Q3
5.The firm will choose to produce quantity Q4
6.The area circumscribed by the points (Q0,Q1,B,P1) is equal to total revenue
7.The area circumscribed by the points (Q0,Q1,B,P1) is equal to total cost
8.The area circumscribed by the points (Q0,Q3,D,P3) is equal to total revenue
9.The area circumscribed by the points (Q0,Q3,D,P3) is equal to total cost
10.If the firm is producing Q1, it will make a profit
11. If the firm is producing Q3, it will make a profit
12. If the firm is producing Q1, it will not make a profit
13. If the firm is producing Q3, it will not make a profit
14. If the firm is producing Q4, it will make a profit
15. If the firm is producing Q4, it will not make a profit
Transcribed Image Text:Po
A
P1
P2
P3
Ра
P5
B
C
D
E
MC
MR
P6
Q1 Q2
Q3
Од
Q5
ATC
F
Demand
Q6
G
964
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