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1. Refer to the accompanying figure. If the market for doughnuts is perfectly competitive, then assuming this firm can earn enough revenue to cover its

1. Refer to the accompanying figure. If the market for doughnuts is perfectly competitive, then assuming this firm can earn enough revenue to cover its variable cost, it should produce

0.35 Marginal Cost 0.30 0.25 0.20 Average Price ($/doughnut) Total Cost 0.15 0.10 0.05 O 10 20 30 40 50 60 70 80 90 Quantity (doughnuts/day)

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