Question: There are three dotted lines on the chart representing three different prices for the product. Pick one of the three lines to answer these questions.

There are three dotted lines on the chart representing three different prices for the product. Pick one of the three lines to answer these questions. (Any line you pick is OK.)Which line did you pick: Top____, Middle____ or Lower____?The line you picked represents the price of the product ina Purely Competitive market. Based on this chart and theline you have chosen, answer the following questions. Besure to use the characteristics of a Purely Competitivemarket to explain your answers.Part A: Is this company operating efficiently?Part B: Is this company making an economic profit or lossin the short run?Part C: Is the company's economic profit or loss likely to change in the long run?Type your answer and explanation here:

MC ATC Top Line AVC Middle Line by was Lower Line 17 18 19 20 Quantity

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