Multiple Choice
Use the following to answer questions:
-(Table: Lunch) Look at the figure Lunch. Joe makes and sells picnic lunches to people taking all-day rafting trips on the river. The marginal cost and average cost of each lunch are a constant $4. If Joe is one of many firms in a competitive industry, what price will he charge for a lunch in the long run?
A) $10
B) $8
C) $6
D) $4
Correct Answer:

Verified
Correct Answer:
Verified
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