Refer to the Information Provided in Table 8 $\text {Number of}$

question 207

Multiple Choice

Refer to the information provided in Table 8.2 below to answer the question(s) that follow.
Table 8.2 $\text {Number of}$

$\begin{array}{llllllll}\text {Earrings}&\text { TVC}&\text { MC }&\text {AVC}&\text { TFC }&\text {TC}&\text { AFC}&\text { ATC}\\\hline0 & & & & &100 & \\1 & & 50 & & & \\2 & & & & & &&95 \\3 & & & 46.67 & & \\4 & & & & &300 & \\5 & 270 & & &\\\hline\end{array}$

-Refer to Table 8.2. Assume that Sherry's Earrings is producing in a perfectly competitive market and the market price for earrings is $60. To maximize profits Sherry should produce ________ pairs of earrings.

• A) two
• B) three
• C) four
• D) five

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Definitions:

Social Changes

The significant alterations over time in behavior patterns, cultural norms, and societal structures.

Precedent

A legal decision or form of proceeding serving as an authoritative rule or pattern in future similar or analogous cases.

Precedent

An earlier event or action that is regarded as an example or guide to be considered in subsequent similar circumstances.

Subsequent Cases

Legal cases that follow prior ones, potentially influenced by earlier judgments or rulings.