Use the Following to Answer Question(s)

Multiple Choice

Use the following to answer question(s) :
Exhibit: Profit Maximizing

-(Exhibit: Profit Maximizing) The exhibit shows cost curves for a firm operating in a perfectly competitive market. Which of the following statements is true?

A) AFC is represented in this exhibit by the vertical distance between Curve M and Curve N at any level of output.
B) AFC is represented in this exhibit by the vertical distance between Curve N and Curve O at any level of output.
C) This exhibit illustrates the long run because all costs are variable.
D) Quantity q₂ is to the left of the shutdown point.