Use the Table Below to Answer the Following Questions

question 111

Multiple Choice

Use the table below to answer the following questions.
Table 10.3.2
-Refer to Table 10.3.2,which gives Tania's Teapots' total cost schedule.When output increases from 8 to 12 teapots,the marginal cost of one of the 4 teapots is

• A)$20.
• B)$5.
• C)$1.
• D)$6.67.
• E)$2.

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Definitions:

Equilibrium Price

The cost at which the volume of goods available equals the volume desired by buyers in the market.

Equilibrium Quantity

The quantity of a good or service demanded and supplied at the equilibrium price, where market supply and demand balance each other.

Bushels

A unit of volume used primarily in agriculture to measure quantities of grain, fruit, or other produce.

Equilibrium Level

The point at which market supply and demand balance each other, and as a result, prices become stable.