Question 1
Refer to the information provided in Figure 12.1 below to answer the question(s) that follow.
![](data:image/png;base64, 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)
![](data:image/png;base64, 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)
Refer to Figure 12.1. This competitive firm is currently at Point
B on the
ATC curve. The firm's move toward an output where
ATC will be at point
A will make the economy
◦ more fair and the distribution of outcome more equitable.
◦ more stable.
◦ less efficient.
◦ less stable.
Question 2
Refer to the information provided in Figure 12.1 below to answer the question(s) that follow.
![](data:image/png;base64, /9j/4AAQSkZJRgABAQAAAQABAAD/2wBDAAMCAgMCAgMDAwMEAwMEBQgFBQQEBQoHBwYIDAoMDAsKCwsNDhIQDQ4RDgsLEBYQERMUFRUVDA8XGBYUGBIUFRT/2wBDAQMEBAUEBQkFBQkUDQsNFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBQUFBT/wAARCAC+ARYDASIAAhEBAxEB/8QAHwAAAQUBAQEBAQEAAAAAAAAAAAECAwQFBgcICQoL/8QAtRAAAgEDAwIEAwUFBAQAAAF9AQIDAAQRBRIhMUEGE1FhByJxFDKBkaEII0KxwRVS0fAkM2JyggkKFhcYGRolJicoKSo0NTY3ODk6Q0RFRkdISUpTVFVWV1hZWmNkZWZnaGlqc3R1dnd4eXqDhIWGh4iJipKTlJWWl5iZmqKjpKWmp6ipqrKztLW2t7i5usLDxMXGx8jJytLT1NXW19jZ2uHi4+Tl5ufo6erx8vP09fb3+Pn6/8QAHwEAAwEBAQEBAQEBAQAAAAAAAAECAwQFBgcICQoL/8QAtREAAgECBAQDBAcFBAQAAQJ3AAECAxEEBSExBhJBUQdhcRMiMoEIFEKRobHBCSMzUvAVYnLRChYkNOEl8RcYGRomJygpKjU2Nzg5OkNERUZHSElKU1RVVldYWVpjZGVmZ2hpanN0dXZ3eHl6goOEhYaHiImKkpOUlZaXmJmaoqOkpaanqKmqsrO0tba3uLm6wsPExcbHyMnK0tPU1dbX2Nna4uPk5ebn6Onq8vP09fb3+Pn6/9oADAMBAAIRAxEAPwD9U6KKKACiiigAooooA4bxX8Y/BvgXxLovh3XvEVhpmsaw7JZ2tzOqM+FZvmz0B2kAnqfl61598Wv2pNI+F37Qfwu+Gdx5Dy+MPtHnSuzBrbAAg9vnfcOfSvAf2m/CWsfD74423iubw9afE7wRr93dy6jotvtXVbYx6Y8UyI54eNIlMqpwwOcfezXyj+0n8Lvjj8e/2i9M+KHgTwRqsvh0x2cvhOcyorPawIjxP8z5G4/Pz/eoA/aUdKWsXwjf32r+F9JvNUsm03Uri0ilurJzkwylAXQ/RsitqgAooooAKKKhknjjkRXdVdzhQx5P0oAmooooAKKKKACiiigAooooAKKKKACiiq011HAjZOXCFxGv3iB6CgDxXWf2jtQvPGXinQPBHgLU/G58KukOs3cF5BZxwzMm/wAmPzmUyOE5+Xj5h81ek/DbxzafEzwNoniixtrqytdUt1uUtr2PZPFnqjr2INfGes6h4a8UeD/Enx++Hvj2++Dfi+UzvqmiX1zDNb39xblokS7si3+sfYoGMP8AMvFfX3wX8Sav4x+E/hHXdf00aPrWpaZBdXdiqbBDI6KWXaen0oA7iiiigAooooAKKKKACiiigAooooAKKKKACiiigD58+JH7Kdr4z+Iuna/YeIdW0PS7m7nudc0yyutiXRktXt2ePKMY3dWVH2Fcr/tc16f/AGNZ+HdY8G6VpsCWen2NvNa20EY+WOJIVVFX2AUV2lc3rf8AyOXhv6XP/oC0AdJRRRQAUUUUAFZeuaHb6/Z+TOXRkcSRTRHDxOOjofWtSigDmtC1u4juv7H1bCanGm6OVBtjukH8aeh/vJ2+ldLWTr2hQa9ZeRMXidDviniOJYXHR0PrVDQtauI7w6Tq4WPVFG6OVRhLtB/Gnv8A3l7fTFAHS0UUUAFFFFABRRRQAUUVh6/4gi0G3j/dvdXk7eVa2cX35n9B6DuW6AUAGv6/HoUEahHur2dtlrZxffmf+i+rdAKr+HtAltbiXUtSkF3rNwAJJk4SFP8AnnF6J+rHk9sGgeHpraaXU9RkW51mcbXkX7kKf884vRffqx5P90dGOlAHI3Xwm8E3utjWbjwhoU+r+Z5v9oSabC0+/wDvb9ud3vXXBQvSlooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACub1v8A5HLw39Ln/wBAWukrm9b/AORy8N/S5/8AQFoA6SiiigBD0rm5dcudH1prfVFVbC6cC0vFGFRv+eUnof7p6Hp169LVW/sLfVLOW2uoUnt5BteNxkMKALVFcjY3lx4Vu4tN1KVp9PnOyyv5Dkg9oZT/AHvR/wCL69euoAKxte0K312zMcoeKWNt8FxGcSwuOjofX+fQ1s0UAc3oet3CXh0nVQI9UjXcrqMR3af309/7y9vpg10lZGu6Fba/ZrDKzRSxt5kFxEcSQv2dT/nNUdB12cXJ0rVQsWqxjcsiDEd2n/PRP6r/AA/TBoA6WiiigAoorE1/xBHocEZZHuLud/LtbSP/AFkz/wB0f1PQDmgBPEHiCHQrVD5b3N1O/l2tnF9+Z/Qe3q3QCq/h7w9Lazy6nqci3WszjDSD7kCf88ovRfU9WPJ7BU0Dw/NbzvqmputzrE64d4z8kCf88ovb1PVjz6BekHSgBaKKKACiiigAooooAKKKKACiiigAooooAKKazBBkkBRUcVxHMoMciuCNw2nORQBKelAOa8S/a18aah4J+F1nPpuuXvhqW+1vT9Pk1Wwg86e2hkmXzWRNj5OwN/Cab+zh4n0bWV8QWVl8Ste8d6xbSI13b+IrdbS5sVKnYBb+TEyA88sDnFAHt+6k3V80Xup+J/jZ8cviZ4X07xfqvhLR/BFlYw2/9ivEjz39zG83mzM6NvRAEATgfezXm/wQ+OHiv9qvxH4b8M3HiK/8KxaZ4Yk1PXLjQGSGe8vxfS2aBXdW2x4haXC92AoA+4Ac1zmt/wDI5eG/pc/+gLXm/wCyv8R9Z8e+CdfsvEd2NR1zwr4iv/DlzqHlqhuvsz4SYheNzIy5x3zXaa74m0eLxj4fEmqWcbIblHDToNp2dDzQB3FFUrDVbLU1c2d5BdhOCYJA+PyqO+13TdNkWK7v7W1kI3BZ5lQ4/GgDRoqpZaja6lCZbS5iuowcb4nDjP4VWuPEmk2Uzw3GpWkEydY5J0Vh+GaALN/p9vqlnLa3cSz28q7HjccMK5yxv7jwrfw6ZqcrTWMzbLK/k+9ntDKf7391v4u/PXqILiK5hSWKRZInGVdDkEVj6rrHh69guLDUL+wdHzFNBNOn5MuaAN0dKWuQsdRm8L3EenanObjT5Tts9Slb8opT/e9H/i+vXXTxZosjqq6tYs5OAq3Kc/rQBsVja3oMOvWvlyM8M8bb4LmPiSF+zKf85HBrRubqKzgeaeVYYUGWd2wo/GqUHibSLuZIYNTs55X4Ecc6Mx/WgDP0LXpvtR0rVdsWqxruV14S7T/non9V/h+mDXSdqw/FVjp95p6m+uUsDE4eC8ZwjQyfwlSe/t3rmbL4qWNvIdLu7iC88QgfubSwlV/tw7PFzwP72fud+MGgDqde8QR6DbozI9zczP5dtaR/6yd/Rf5lugFVdB0KW3uZNV1R1udYnXaWT7lun/PKP29W6sfwAboGhTQ3D6rqrrc6xMu0mP8A1dsv/PKL29W6sfwA6agAooooAKKKKACiiigAooooAKKKKACiiigAooooA4X41WcF/wDCjxVb3WorpVtLp0yyXjkhY1299vOO3HPNeTfs16N4n8O+Lb3TNe8O2fhLTLWzkl0azh1Brt5bWWZX2K21QI4W3Kqn5gJV+UV6d8ZNUt7TwVqlpqeh3+q6Nc2Fy13PYywxeQETcBukkTDsfunplecVxnwL0vxefFV9qHi9PF9w4s/Is7nxGdNSKKPepKIlk7bnbClnf+4u3vQB1/xjPj6ztfD9/wCA7Ox1VrPVEm1XSrt0jkvLPY6skMj/ACpIGKMCf7uK8t8OeB/iHF8WPHnxluPClrZa1c+H7bQ9E8KNqSb7lYZXlMlxMqlEcl9qgZwFr6E8T+JtL8G6Bfa3rN5Fp+l2ELT3N1McJGg6k1xvwP8AjXpPx68IXPiLRrDUdNsodQn09oNVhEM++JgGJTJ2g56HmgDza88F/EH4bfFnxp4z8L+FrbxHD4402xF1p41BIG0/ULeN41Zi/DxMr8svPyfd5ri/hZ+zh4w/Zm1fwx4k8OaXD41vG8OyaL4gsILtLR2uXunuxcRNJ8rIHldMHBxg16543/aWsPCviDxNpmm+GNc8UxeFoYrjxBeaUkJj05XXeBh3VpHCDeUQEge/y0usftMaR/bNnpfhPQtW8e3s2kR69KuimFVgspP9U7mZ0G9/m2oPmOKALX7NXws1T4X+B9UGvNB/wkfiHWrzxDqUds++OGa5fd5Qf+MIoVd3fFddrmj2LeM/DjNZWxYi5yxiXn5Fq18OvHmjfFHwbpPirw/cG60nUofOgkddrjnDKy/wsGBBHqKfrf8AyOXhv6XP/oC0AbcFnBahhDBHCD18tAuabNp9tctvmt4pmxjdJGGNW6KAIILaK1j2QxJEnXCLgVFLpdnM7SSWsEkjfeZ4wxNXKKAIkiSJAiAIi8BVGAKrvpVlIxd7OBnPJJiXJq7RQBT1HS7bVrGazvIVuLWZNjxOPlYVymm28Hha/g0zUoIZrWV9ljqMkS7s9oZT/f8A7p/j/wB7r29VdR0231ayltLuJZ7eVcOjd6AJZYknjMciB0bqrDINQR6VZQusiWkEbjoyxgEVz+n39x4avotK1WVp7aY7LHUZP4/7sMp/v+jfxfXroeIPEEWg26yOrT3Ez+Vb2kXzSTyf3FH9egGSaAGeJ9XtNKtEFxb/AG2eZtltZKAzzyeig/qegHJrCtPhxBebtT1KOKLX5BmG6s0Cmx9EhP8Ad/vf3+/HyjX0HRLiO4fV9WZZ9YmXbiPmO1T/AJ5Re3q3Vj+AHS0Ac3oWuTvdHStVCw6pGMgpwlyn/PSP+q/w/kT0lYuuaDHrlsqOzQ3ETeZbXMZw8L/3h/h0I4NVdD1uaS7fStURYdWhXd8vypcp/wA9I/8A2Zf4T+BIB0lFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFFFFAHh37Q3iXxVeQTeDPCvh2DWzf6Tc3epz3F4LcwWwKpiHKOHmbLbQw2/LzXR/BvwdpWnaHpfiDSNe8SarY6npsMtumuapLdhI3RXU7X6NjbT/iH8D9O+I3iez1ufxD4k0S6trN7HboWqPZLIhff8+z73IpPhd8C9K+Etwh0rXfEeo20dr9khs9Y1N7uGFMg/Irfd+7QByX7S3hfxn4u1LwPbaL4Vj8XeFbG/bUdZ03+0YbRrh41/wBGRvM4aPe29h/sCuC/Y1+JdydA+JN34k0m08M6KnjHU5X1SfWIJYknkuFH2dtrdVJUB/ut2r6zdQykEZB61x1n8HvAljo15pFn4L8P2ek3syXF1Y2+lwJBcSIwZHkQJhypUEE+lAHzh4C1yw8A6l+1Za+JbuGyuP7Um1cC5dVM1nNYr5TjP3h8jJ9VxXB/sEafcfCXxRr1h41nXSLy/wDBWhaha/2g4TNtHHIr4z/cLLle26vtPxH8LvB3jPUrTUdf8K6NreoWePs91qFhFNLDg7htZwSOeak8XfDTwl4/W1Hifwzo/iH7Kcwf2nYxXHlf7u9TigDx39g/T7m0/Zz0ueeN4oNR1LUdQtFddv8Ao013I8Rx6FCrf8Cr0fXdN15vGuhFNbt40Zrlo1NhuZBs6Z3813dtbRWcEcMMaxQRqESNBtVQOgArD1v/AJHLw39Ln/0BaANbTobuC12Xlyl3Nk/vVi8oflk1QtNP1uK5R59XiuLdTzEtnsJH+9vrdooAy9VtNSumi+wajHYgffD23m7v/HhirNhFcw2ypdzrdTL1lSPyw3/AcmrdFAGHZ2GswXQkuNWiubfJzCtoEP8A31vqfVLTUrkxfYNQjslGd4ktvN3f+PDFatFAFGxhu4bTy7u5S6uOf3qxbB/3zk1RtNP1qC5V7jWIrmEHmFbMIW/4FvrcrF17X4tBtRI6vPcSv5dvaRDMk79lUf16AcmgDF+IrO2kLB9qUC5zCtj9mEz3bnoq/MNv17deMVh+BdN1TwleWy+Mb0apq1zH5NpqmMRRrn/j29n/ANv+P8AK6vQNBnjuzq2rOkurTJsVU5jtY/8AnnH+m5v4j7YA2dR0221ayltLuJZreQYeNqALYx2pa5PTtRuPDmoQ6XqkzT2szbLHUZP4/SGQ/wB/0b+P/errKACsfXdCg1y2VGdobiJvNguo/vwv2Yf4dDWxRQBzeia3NLdPpWqKsGrQrv8A3f3LlP8AnrF7eq9QfwJ6SsbX9Bi1y2ClnguYTvt7qL78L+q/1HccVU0PXZ5rh9L1NVt9XhGfl4S5T/npH7eq9V/IkA6SiiigAooooAKKKKACiiigAooooAKKKKACiiigAooooAKKKKACub1v/kcvDf0uf/QFrpK5vW/+Ry8N/S5/9AWgDpKKKKACiiigAoorF8Qa7b+HrUTS75p5W8uC2iG6SeQ9EQf5A6mgA8Qa9beH7MSyq000jiOC2iGZJ5OyIP8AOOtUtB0C5W7bV9WMc2ryDaqocx2sf/PNP6v1b6ACjQtBnN4dX1gq+ryrsREO6O1jP/LNP/Zm7n2wK6egBB0paKKAKep6XbaxYy2d3EJraUYdGrntP1C68O38Gk6tKZ7aU7LHUX6yHtFJ/wBNPQ/xY9a62qeqaZbaxYzWd3EJreYbXRqALlFcnpupXPh++h0nVpmmgkO2y1F+sv8A0zk/6ae/8X1rrKACsbXtAj1y3RSz291C3mW13H/rIX9R/UdCOK2aKAOc0HW5ZrltM1RFt9XgXcVT7lwn/PSP29R/CfwJ6OsbxBoMOuQIpZre5hfzLe6i+/C/qP6juKq6Hrk9zPJpupRiDVbcbnWP7kydPMT/AGfbqD+GQDo6KTdRuoAWiiigAooooAKKKKACiiigAooooAKKKKACiiigArm9b/5HLw39Ln/0Ba6Sub1v/kcvDf0uf/QFoA6SiiigAoorG13Xbfw/ZCe4DSO7+XDbxDMkznoiL3P/AOugBNe1630Kz82bfJM7bILeNcyTueiIPX+XU1S0HQ7g3h1jVyJNWkXCIpzFZof+Wae/q/8AF9MCjQtDuZLz+19XIl1WRdscSnMVmh/5Zp6n+8/8X0wK6YdKAAdKWiigAooooAKKKKAKGp6XbaxZS2l3EJ7eVcMjf54PvWFpmo3Ph29h0nVZTNFKdllqT/8ALb/pnJ6Se/8AH9a6yqOqaVbaxZS2l3EJoJBgq348j0PvQBdHSlrk9J1O50G9h0nVpjPHI22x1F/+W3/TN/SQf+PAeua6ygAqN1TdvYDcB96pKx/FEuoQ+G9Uk0q0F/qYt3+y2xlEQkkx8o3nhee9AHyz8DNI8f8Axh8GeL/FifFfxJp9w3iPVbbQE2W0tpHawXDRw+bE0WX+6c/MOK679mD4reOPjVHpHinVjHb6G+jTWV3aW0Q8ltVgvnhlkR+u1kTIGf4q474UeBfjr4G/Z90T4Z6X4Y0Xw9rSwSQXvim81gXEULSO7yzRQRpl3+c7QxAz1avor4N/C7Tfgx8M9B8G6Uzy2elweU083355SS0kre7uzN+NAHbDpS0UUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFc3rf/ACOXhv6XP/oC10lc3rf/ACOXhv6XP/oC0AdJRRRQAh6Vh23h6KPXZ9VuJXubogx2+9flt4+4QerHkt1P0rdooAKKKKACiiigAooooAKKKKACiiigChqelWurWMtpdxLNBIMFW/n7H3rzH41/F25+Ang3w/dLo934yvdR1a20SCBLiOGaSWd9kZJbg87VP5164elfLH7WPjLQYPjR8A/DmsavZabb/wDCQTa3cteTiKONLe2k8pnJ6bpWUDPdaAPQ9N+Pd1p3xD0fwd428J3vg3UdcV10e8e6iu7S+kQbnhDxnckgXna6jOODXsg6V8oeM/Etv+0r8f8A4aaZ4KkOq+GPBGpN4h1nxHbJutPOEbJBaxSdHdi5ZtucBea+rx0oANtLRRQAUUUUAFFFFABRRRQAUUUUAFFFFABRRRQAUUUUAFc3rf8AyOXhv6XP/oC10lczr0iR+L/DZZgo/wBJ5Y/7C0AdNRUH2uD/AJ7x/wDfYo+1wf8APeP/AL7FAE9FQfa4P+e8f/fYo+1wf894/wDvsUAT0VB9rg/57x/99ij7XB/z3j/77FAE9FQfa4P+e8f/AH2KPtcH/PeP/vsUAT0VB9rg/wCe8f8A32KPtcH/AD3j/wC+xQBPRVf7fbf8/MX/AH2KPt9t/wA/MX/fYoAsUVX+323/AD8xf99ij7fbf8/MX/fYoAsVmX/h7S9WkWS+020vnAwGuYEcgfiKt/b7b/n5i/77FH2+2/5+Yv8AvsUANs7SCwhENtBHbQr0jiQKo/AVaqv9vtv+fmL/AL7FH2+2/wCfmL/vsUAWKKr/AG+2/wCfmL/vsUfb7b/n5i/77FAFiiq/2+2/5+Yv++xR9vtv+fmL/vsUAWKKr/b7b/n5i/77Fcx8SPiDYfDf4f8AiPxVcAXsGjWE1+9tBIoeURoXKr7nFAHX0V8o/B//AIKX/Ar4uiG2/wCEnPhPVZcL9h8Qp9n+Y9hLzGf++q+otP1C11Wziu7K5iu7WZd8c0Dh0ceqkdaALlFFFABRRRQAUUUUAFFFFABVHUtHstXRFvrOC8RDuVZ4w4U+vNXqKAMP/hCfD/8A0A9O/wDAVP8ACj/hCfD/AP0A9O/8BU/wrcrxL9ru/wDE+i/BHVNR8IeJJ/DGvwXVqlteQxJKMyTxxYdXU5X588Y6UAeo/wDCE+H/APoB6d/4Cp/hR/whPh//AKAenf8AgKn+FfI/ib9oXxje/BjXvD+r6lN4N+MHhLVdNs9V+wrFtvIJrmKFbuEOjAwyo+75V4bivfJ/2ifBWj+BfFnie61C/Gk+EdQOk6vNLp83nR3CeXu+TbuYfvozuAx82elAHef8IT4f/wCgHp3/AICp/hR/whPh/wD6Aenf+Aqf4V5V4s/bD+GngrXNV0jUL/VJL3SEjm1BbTSLmYWkDpvFxIUTAh25+fp8p9KyvE37THhb4g+D/GOkeDtf1LTPEMXh671XTNQk0+W3W5ijT/j4tHmTZMoZk5XP3qAPav8AhCfD/wD0A9O/8BU/wo/4Qnw//wBAPTv/AAFT/CvB/wBnT9q3w14t8G/DfRdb1LVE8V63pEBjvtV02a3t9SuVhDTLDcOgjkfhjhTXXS/tWfD2DVorU3+ovaXFxNaWuqLpdw1hdXEYZnhhuAmyV/kf5VJyRgZoA9K/4Qnw/wD9APTv/AVP8KP+EJ8P/wDQD07/AMBU/wAK4v4S/tD+CvjdLcf8Idf3OqQQW8dy9y1nJHCQ/wDCrsuC6nhkHKkc1Q8W/tQeA/Beu6ppV7dajcto+0ateadplxdWmmFhuAuZo0ZIflw3zHgGgD0MeCfDy/8AMD07/wABU/wpf+EK8P8A/QC03/wFT/CvnzS/izdfEX9sL/hGLDxBr1n4d0TRLbUre20+xf7DqTzedueaYoQ0ewR7GBUMd2C1T/FY+K9c/ar8G+DtP8d654b8Par4bv8AUrm10oQBvOt5oUQq7xMRkT8/7q0Ae+f8IV4f/wCgFpv/AICp/hR/whXh/wD6AWm/+Aqf4V8ffF/4ifFz4b3Xjv4ZweKrnV9ZbwvL4p8L+JEtIUvdttKPtFrMipsc7fuuqr96vQ/il8StW1n9mvwDqXgzxRd2viXxbPo9ppmowLE8ssk7J5rOChBwnms2FGNvagD37/hCvD//AEAtN/8AAVP8KP8AhCvD/wD0AtN/8BU/wr5d+GGmePfiZ8VvjPo03xY8SadD4U1i3sdMFvHaFAslqkp8xTD8/wAzflXpn7M/xX8QeO4vGvhfxj9nm8WeCtYOkX19Zx7Ib1CglhnVP4CyNyvYigD1b/hCvD//AEAtN/8AAVP8KP8AhCvD/wD0AtN/8BU/wrx28/bW+Fljc6lFJqWqiLSr6TT9UuU0a6MOmSI2M3L+XiFD2ZuCOelZnhP4xyeGfiX8abnXdY1TX/Dmn3ejnSbXT7R7x4lubbdshjhQs4ZvmzzQB7r/AMIV4f8A+gFpv/gKn+FH/CFeH/8AoBab/wCAqf4V5lD+1n8PLnTXuWu9Vtp49Vg0S40650i5jvba6n/1KS25Tem/+EkYNdB4m+PPgzwdr+taRreoyaddaRYw6hdPNayLF5Ur7Itj7cO7P8oRcnPFAHW/8IV4f/6AWm/+Aqf4Uf8ACFeH/wDoBab/AOAqf4V5TqH7YXw00CC9fXNR1Hw9LY3VtbXVtrGlXFrNB54YwSOjoCI32MA/TIxTtN/a8+H+rS262n9vTq7RCeQaDd7bHzHZI/tJ2fud5U7d+OOelAHqn/CFeH/+gFpv/gKn+Fcl8Vvg3o3xE+GnijwvbWOnabcavp09hHd/Y0byGkRlD4HpuzXo4OaWgD4d+Cv/AASa+DnwwEF94p+2ePdUj2s7aowisww7iFO3++zV9geDYPDWlaVFpPhhdMttNsV8uOz0ooIoR6bE4FeBftBT33xT/aC+H/wbN1dWXhS70678R+IVtZWie/ghdEitiw52M7/OP4hxXP8Ax48F+H/gV8TvgTq3w+0mz8Katq3jC28P3sGlQrCl9p0qP5ySovD7dqsHPK0AfX9FIOlFAC0UUUAFFFFABRRRQAUUUUAFeP8A7UXhvxP4v+El1o/hHRo9b1ee+s3WCa6S3RUiuEmZtzeyYx/tV7BRQB8v/tWfsx33x2tvCPinQFGi+N9Ju7NrqJpgFurHz45ZrWVhw+wpvX3X3rkPit8HfirceHPjj4J8O+FrHWdM8dal/a9hrUuqJbpBvht0khlQjfvzb/Lt+X5uWFfZ9FAHyjd/Crx5rMnxqnl8Lx2r+KvBdloump9uhO65jtrhHRjngb7j73+xRJ8EvGmq3PwnsrnRo7Wy0rwFe+GNWuvtcZ+y3E1tDGpVRy4zCfu/3hX1dRQB8baR8D/iH458I/CHwP4j8OW/hjT/AAE0c13rcd+lwbySC2eGIWyp8wDswdi+zA+X5qzvgR+z1478ASeEdJ8T+FJPE8/hEuljrl94hDWEUShlSS0tEVds7htuZV+Xcx319tUUAeM/sneB9c+GvwO0Xw14h0ePRdVsZrrzIYZ0mR/MuJJA4ZPXfXmh+GvxL+HNl8XPCnh/wnZeKtP8b6neanYa1PqEcKWjXUKRSpdo/wA7BNmRs3bhtXivrGigD5o/Z8+C/in4S/FF4b2wFz4cs/Bej+HoNa+1IWuJrTfvPlfeUHzeP9yrPxT8O/EO1/ae8JeOfDvg2PxHoGkeHr7TJWXVIbeVpriWJ+Ffsvkr/wB9e1fR1FAHgPgP4Q+K/Efxpv8A4p/ESLTrG8XSDoWj+HtNna5itbZ33yvNKVXfI5wPlXaAtcN8Cv2afGXgb4sC08RXdtcfDPwXdXlz4LgR90rNdtn96vb7OheNP+ulfW9FAHyn8PvD3xZ+G3xX+MmtWPw8ttUtPF2sw32mzy65DDEiR26w5l+VnXOzPCn71ekfs7fBjVPhbp/ifVfE2oW2qeM/FuqvrGsT2KEW6OUVEhi3fNsRFAyeTXslFAHw9Y3Pibxu37SPgnwT4ZtNebXvENzp8ury6hDFa2TyWkMbGZPvtt+ZvlVslWFVtS/Zz+LHh2y8U6RoFhNcaRJceHkkkttYS0uNYsbK28m5hRw26Eu20jcw4Ujcu6vtHSfCui+HZ72bStJsdNnu2826ls7ZImnbn5nKj5jy3X1rZoA+AdV+BOq6AfihrWsWOhfCLRtYg0W98PXV9rAmS01CwmllQXJblnfjOzfx/erS1X4U/Ej9pj4Zap8RPKtdA8YXmsaXf6Pp8FyUils7Bn2bZZIuPOeWSVC6f3MivtbWfDul+JbeO21XTbTVLZWEyw3sCSoHHRsMDz71pKqxoAo2qvQCgD4h8Wfs/eNvEnwz8Rx2Hw7kg8Qazquk3V1Pr3iNL7Ub1bW4Ez+a7fu0jUJtRE7ux2rXVfGj4KeNfFfxcXxH4V8PXPhzXZnsPJ8VaR4g8mHyY2Bliv7RuJto3quwNkN94V9cUUANTO3n71OoooA8f+MPwNuvH3inw94y8M+IpPCXjfQoZ7W11FbdbiGe2mx5sE0RK7lyqsCrAg141+z/APCT4iW/xgsLr4xWOreJdR8KWk1p4e8QRSW/9kIjbV85U3+ebh0+8zr8vzAV9i0UAIOlFLRQB//Z)
![](data:image/png;base64, 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)
Refer to Figure 12.1. The firm is
◦ equally efficient when it produces at points
A and
B.
◦ less efficient when it produces at point
A than at point
B.
◦ less efficient when it produces at point
B than at point
A.
◦ producing at least possible cost anywhere along the given
ATC curve.