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Relationship between SAC and LRAC

Study the dia...

Question

Study the diagram below, and answer the following questions.
('U'shaped line represents the AC curve)

Where does a firm earn normal profit?

[1 mark]

A

OP

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B

OB

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C

OQ

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D

O

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Solution

The correct option is C OQ
Break even and normal profit point are the same.

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