The diagram shows the average total cost curve for a purely competitive firm. At the long-run equilibrium level of output, the firm's total revenue is $400.
What is a total cost curve?
The total cost curve depicts the cost attributed with each possible level of output, so provided one figure out the cost minimizing choice of inputs for each likely level of production, one can determine the cost of producing each level of output.
Therefore, the correct answer is as given above
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