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Figure 11.3.4 Refer to Figure 11.3.4, which shows the cost curves of Pau...

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The horizontal axis represents quantity in frames per day and ranges from 0 to 45 with interval 5. The vertical axis represents price and cost in dollars per frame and ranges from 0 to 20 with interval 4.An upward-sloping curve that becomes steeper is labeled MC. The curve has points at (5, 4), (20, 8), (30, 12), and (35,16). Dotted lines are drawn from the points perpendicular to both axes.A u-shaped curve with its minimum at (30, 12) is labeled ATC.A u-shaped curve that lies below curve ATC and has a minimum at (20, 8) is labeled AVC.The MC curve intersects the ATC curve at (30, 12) and intersects the AVC curve at (20, 8).

Figure 11.3.4

Refer to Figure 11.3.4, which shows the cost curves of Paul's Picture Frames Inc. The picture frame market is perfectly competitive. If the market price is $12 a frame, which of the following statements is correct?

Paul produces ________ frames a day and makes daily total revenue of ________.

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