Suppose XYZ Corp

question 119

Multiple Choice

Suppose XYZ Corp.is a profit-maximizing firm that is producing and selling 1 billion disposable wooden chopsticks per month at a price of $0.04 per unit.Further,suppose market demand for this product is 1.5 billion units per month.What can we conclude about market structure in this case?

• A)This is not a perfectly competitive market because XYZ Corp.is small relative to the size of the industry.
• B)This is not a perfectly competitive market because XYZ Corp.is selling its product at a price that is not equal to marginal cost.
• C)This is a perfectly competitive market because there is freedom of entry and exit in the industry.
• D)This is a perfectly competitive market because the product is homogeneous.
• E)This is not a perfectly competitive market because XYZ Corp.is large relative to the size of the industry.

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Definitions:

Cones

Photoreceptor cells in the retina of the eye responsible for color vision and function best in relatively bright light.

Visual Information

Visual information encompasses details that are perceived through the sense of sight, including colors, shapes, motion, and spatial relationships, which are processed by the visual cortex.

Wavelengths

The distance between successive peaks of a wave, especially points in a sound wave or electromagnetic wave.

Trichromatic Theory

The idea that three types of cone receptor cells in the retina are responsible for color perception. Each type responds optimally to different, but overlapping, ranges of wavelengths.