Total Cost Schedule for a Competitive Firm If Market Price Is $30,how Many Units of Output Will

question 10

Multiple Choice

Total cost schedule for a competitive firm: $$\begin{array} { c c } \text { Output } & \text { Tatal Cost } \\\hline 0 & \$ 10 \\1 & 60 \\2 & 80 \\3 & 110 \\4 & 165 \\5 & 245 \\\hline\end{array}$$ If market price is $30,how many units of output will the firm produce?

• A)0,the firm shuts down
• B)1
• C)2
• D)3
• E)4

Comprehend the transition from mechanical to organic societies and its causes.

Recognize the role of dynamic density in societal changes and division of labor.

Differentiate sociology from philosophy and psychology through Durkheim's lens.

Identify the forms and significance of material and nonmaterial social facts.

---

Definitions:

Desired Margin

The target profit margin a company aims for in pricing its products or services.

Production Level

the quantity of goods and services produced by a business or economy within a certain period.

Perfectly Elastic

Describes a market condition where demand or supply responds instantaneously to changes in price with an infinite change in quantity demanded or supplied, depicted as a horizontal line in graphical analysis.

Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, reflecting consumer sensitivity to price changes.