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Rabbit farming is a perfectly competitive industry and all rabbit farms have the same cost curves. When the market price is $31 a rabbit, each farm maximizes profit by producing 1,000 rabbits a week. At this output, average total cost is $30 and average variable cost is $18 a rabbit. Minimum average variable cost is $14 a rabbit. Two points on the rabbit farm's supply curve are 1,000 rabbits supplied ateach and 0 rabbits supplied at ech. OA. $31; $18 B. $18, $12 O C. $12; $31 O D. $31; $12 O E. $12; $18
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