Question

For a representative farm before the​ study, the economic loss is equal to

A. the price multiplied by the quantity produced.
B. the difference in price and​ long-run average cost multiplied by the quantity produced.
C. the​ long-run average cost multiplied by the quantity produced.
D. the difference in price and​ long-run average cost.

Answer 1

B. the difference in price and​ long-run average cost multiplied by the quantity produced.

Note, The complete exercise was found due to a online research.

Step-by-step explanation:

Take a look to the image attached. Will help you to understand the exercise.