Question: 2 Graph 14-6 Price MC Arc AVC 1 - - P Q1 Q2 Q3 Q4 Quantity This graph depicts the cost structure of a firm

2 Graph 14-6 Price MC Arc AVC 1 - - P Q1 Q2 Q3 Q4 Quantity This graph depicts the cost structure of a firm in a competitive market. Use the graph to answer the following question(s). Refer to Graph 14-6. When market price is P4, a profit-maximising firm's total cost can be represented by the area: O A. total costs cannot be determined from the information in the graph O B. P4 X Q4 O C. P2 x Q4 O D. P4 X Q1

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