Suppose the graphs below (A−D) represent a typical perfectly competitive firm. State what is wrong with each of the graphs. a. What is wrong with graph A? Instructions: You may select more than one answer. Click the box with a check mark for correct answers and click to empty the box for the wrong answers. The average total cost curve is mislabeled as the average fixed cost curve. The profit-maximizing level of output is not labeled correctly. There is nothing wrong with the graph. The AFC curve should be flat. The demand curve should be downward-sloping. The MC curve should be downward-sloping. b. What is wrong with graph B? Instructions: You may select more than one answer. Click the box with a check mark for correct answers and click to empty the box for the wrong answers. The demand curve should be flat. The demand curve should be downward-sloping. The MC curve should be upward-sloping. There is nothing wrong with the graph. c. What is wrong with graph C? Instructions: You may select more than one answer. Click the box with a check mark for correct answers and click to empty the box for the wrong answers. The profit-maximizing level of output is not labeled correctly. The ATC curve should be below the AVC curve. The demand curve should be flat. The MC curve should be downward-sloping. The MC curve should go through the minimum point of the ATC curve. There is nothing wrong with the graph. d. What is wrong with graph D? Instructions: You may select more than one answer. Click the box with a check mark for correct answers and click to empty the box for the wrong answers. The AVC curve should be below the ATC curve. The MC curve should be downward-sloping. The demand curve should be downward-sloping. There is nothing wrong with the graph.