TABLE 10- 2 Your Food- Services Company Has Been Named

question 52

Multiple Choice

TABLE 10- 2 Your food- services company has been named as the sole provider of meals at a small university.The cost and demand schedules are: $$\begin{array} { | c | c | c | c | c | } \hline \text { Sold per Day } & \begin{array} { c } \text { Price per } \\\text { Meal }\end{array} & \begin{array} { c } \text { Total } \\\text { Fixed Cost }\end{array} & \begin{array} { c } \text { Total } \\\text { Variable Cost }\end{array} & \begin{array} { c } \text { Total } \\\text { Revenue }\end{array} \\\hline 0 & \$ 3.50 & \$ 150 & \$ 0 & \$ 0 \\\hline 100 & \$ 3.25 & \$ 150 & \$ 300 & \$ 325 \\\hline 200 & \$ 3.00 & \$ 150 & \$ 500 & \$ 600 \\\hline 300 & \$ 275 & \$ 150 & \$ 650 & \$ 825 \\\hline 400 & \$ 250 & \$ 150 & \$ 750 & \$ 1000 \\\hline 500 & \$ 225 & \$ 150 & \$ 830 & \$ 1125 \\\hline 600 & \$ 200 & \$ 150 & \$ 905 & \$ 1200 \\\hline 700 & \$ 1.75 & \$ 150 & \$ 995 & \$ 1225 \\\hline\end{array}$$
-Suppose the technology of an industry is such that the typical firm's minimum efficient scale is 8000 units per month at an average long- run cost of $5 per unit.If the total quantity demanded at a price of $5 per unit is 8500 units per month,the likely result would be

• A)a concentrated oligopoly.
• B)a cartel.
• C)price discrimination.
• D)a natural monopoly.
• E)perfectly competitive firms.

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Definitions:

Developmental Science

An interdisciplinary field focused on studying the patterns of growth, change, and stability across the lifespan.

Intellectual Giftedness

Refers to individuals, often children, who possess exceptional natural abilities in one or more domains of intelligence, significantly beyond the average for their age.

Gross Motor Skills

The abilities required to control the large muscles of the body for walking, running, sitting, crawling, and other activities.

Language Development

The method through which, during their early years, children learn to comprehend and express language.