Use the Following to Answer Question

question 226

Multiple Choice

Use the following to answer question:
-(Table: Variable Costs for Lawns) Use Table: Variable Costs for Lawns.During the summer,Alex runs a lawn-mowing service,and lawn-mowing is a perfectly competitive industry with 100 firms.Assume that costs are constant in each interval;so,for example,the marginal cost of mowing each of the lawns from 1 through 10 is $10.Also assume that he can only mow the quantities of lawn given in the table (and not numbers in between) .His only fixed cost is $1,000 for the mower.His variable costs include fuel,his time,and mower parts.Which point falls on the industry short-run supply curve?

• A)P = $5,Q = 100
• B)P = $8,Q = 1,000
• C)P = $40,Q = 1,100
• D)P = $70,Q = 5,000

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Definitions:

Environmental Factors

External elements such as climate, pollutants, and social contexts that can influence an organism's development and behavior.

Sex Hormones

Hormones such as estrogen, progesterone, and testosterone that are involved in the regulation of sexual and reproductive functions, and that influence secondary sex characteristics.

Reengineering

Reengineering is the fundamental rethinking and radical redesign of business processes to achieve dramatic improvements in critical measures of performance such as cost, quality, service, and speed.

Streamline

The process of simplifying or eliminating unnecessary steps to make a system or process more efficient and effective.