The graph shows average and marginal cost curves for a typical firm in a perfectly competitive industry in long-run equilibrium. Short description: A graph plots q against cost. Long description: The horizontal axis representing q ranges from 0 to 500, in increments of 100. The vertical axis representing cost ranges from 0 to 40, in increments of 10. The curve representing AC passes through the following points: (160, 28), (200, 20), (300, 15), (400, 17.5), and (500, 22.5). The curve representing MC passes through the following points: (215, 13), (300, 15), (400, 22.5), and (480, 45). The two curves intersect at (300, 15). Note: all values are approximate. FIGURE 9-10 Refer to Figure 9-10. The long-run equilibrium price of the product is Question 8 options: $0. between $0 and $15. more than $35. $15. between $15 and $35