The table shows three short-run cost schedules for three plants of different sizes that a firm might build in the long run. Plant 1 Plant 2 Plant 3 Output 10 20 30 40 50 ATC ATC Output 10 20 ATC $15 Output 10 30 10 10 10 50 14 50 What is the long-run average cost of producing 30 units of output? A) $10 B) $9 C) $7(D)$8 12) Which is necessarily true for a purely competitive firm in short-run equilibrium? A) Price minus average total cost equals zero. B) Marginal revenue is zero. C) Total revenue minus total cost equals zero. D) Marginal revenue minus marginal cost equals zero. 13) The following table shows cost data for a firm that is selling in a purely competitive market. Average Fixed Average Variable Average Total Marginal Cost Cost Cost
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