Use the Following to Answer Question

question 195

Multiple Choice

Use the following to answer question:
-(Table: Total Cost and Output) Use Table: Total Cost and Output,which describes Sergei's total costs for his perfectly competitive all natural ice cream firm.If there are 100 firms in the all-natural ice cream industry,which point falls on the industry short-run supply curve (assuming firms can only produce whole quantities of output) ?

• A)P = $10,Q = 0
• B)P = $20,Q = 200
• C)P = $110,Q = 3
• D)P = $70,Q = 5

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Definitions:

Instrument

A formal written document effecting legal rights or obligations, such as a contract or financial document.

Dishonored

A term referring to a financial instrument, such as a check, that has been presented for payment but refused by the bank or payer.

Commercially Reasonable

Actions that a prudent individual or entity would take in a commercial context, considering the circumstances reasonably expected in such a situation.

Notice Of Dishonor

A formal notification that a negotiable instrument, such as a check or draft, has been presented for payment and has been dishonored due to insufficient funds or other reasons.