[Solved] The Following Graph Depicts the Various Cost Curves for a Representative

Question 16
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The following graph depicts the various cost curves for a representative competitive firm producing quantity Q1:
img
-Refer to the above graph to answer this question.If the price of the product is P1,what does the graph suggest?


A)The firm is making economic profits in the short run but not in the long run.
B)The firm is making economic profits in the long run but not in the short run.
C)The firm is making economic profits in both the short run and the long run.
D)The firm is not making economic profits in either the short run or the long run.

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