Use the Following to Answer Question

question 106

Multiple Choice

Use the following to answer question:
-(Table: Lunch) Use Table: Lunch.This table shows market demand for picnic lunches for people taking all-day rafting trips on the river.Suppose that the marginal cost and average cost of each lunch are a constant $4 for all firms in the market.If Joe owns 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

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Definitions:

Accumulated Depreciation

The total amount of depreciation expense that has been recorded for an asset since it was put into use, reducing its book value.

Canadian Dollars

The official currency of Canada, commonly represented by the symbol CAD.

Functional Currency

The main currency used by a business or entity in its principal economic environment.

Canadian Dollars

The official currency of Canada, often symbolized as CAD.