Refer to the information provided in Figure 12.5 below to answer the question(s) that follow.
Refer to Figure 12.5. Hula hoops are produced in a perfectly competitive market. This hula hoop firm is currently producing and selling 100 hula hoops per week. Which of the following is
true?
◦ Society would be better off if more hula hoops were produced because at the current level of production price is greater than marginal cost.
◦ Society would be better off if fewer hula hoops were produced because if this firm reduced its production, its profits would increase.
◦ Hula hoop production is at the efficient level because
ATC is minimized.
◦ Fewer resources should be devoted to hula hoop production because
ATC is less than price.
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