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ATC MC d P5 Price and costs (dollars) P4 .. ............... e AVC P3 . .. ... .. P2 . . . ..................... b P1

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ATC MC d P5 Price and costs (dollars) P4 .. ............... e AVC P3 . .. ... .. P2 . . . ..................... b P1 ... a .............. O 5 8 10 11 12 Quantity (per day) 2. On the above figure explain your decision on price one and price five in a perfectly competitive firm. 3. Discuss the long debate of economists whether there is a significant loss of well-being to society in markets that are

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