Use the Table Below to Answer the Following Questions

question 71

Multiple Choice

Use the table below to answer the following questions.
Table 12.2.2

-Refer to Table 12.2.2, which gives the total cost schedule for Chip's Pizza Palace, a perfectly competitive firm. If Chip shuts down in the short run, his total cost is

• A)$0.
• B)$10 an hour.
• C)$12 an hour.
• D)$22 an hour.
• E)$40 an hour.

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Definitions:

Retailers

Businesses or persons that sell goods directly to consumers.

Manufacturers

Companies or people that produce finished goods from raw materials through the use of various processes, equipment, and operations.

Wholesaler

A person or company that buys goods in large quantities from producers and sells them in smaller quantities to retailers or other businesses, not to the general public.

Retailer

A business or individual that sells goods directly to consumers for personal or household consumption.