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Refer to the Data Provided in Table 9 -Refer to Table 9

question 154

Multiple Choice

Refer to the data provided in Table 9.3 below to answer the following question(s) .
Table 9.3
$\begin{array} { c c c c c c c } \text { q } & \text { TFC } & \text { TVC } & \text { TC } & \text { MC } & \text { AVC } & \text { ATC } \\\hline 0 & \$ 100 & \$ 0 & \$ 100 & - - & - - & - - \\\hline 1 & 100 & 40 & 140 & 40 & 40 & 140 \\\hline 2 & 100 & 60 & 160 & 20 & 30 & 80 \\\hline 3 & 100 & 90 & 190 & 30 & 30 & 63.33 \\\hline 4 & 100 & 124 & 224 & 34 & 31 & 56 \\\hline 5 & 100 & 180 & 280 & 56 & 36 & 56 \\\hline 6 & 100 & 264 & 364 & 84 & 44 & 60.67 \\\hline 7 & 100 & 372 & 472 & 108 & & 67.43 \\\hline\end{array}$
-Refer to Table 9.3. If the market price is $84, then in the long run the firm will

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Definitions:

Inductive Reasoning

A method of reasoning in which specific observations or data are analyzed to form a general conclusion or principle.

Formal Operational

The stage of cognitive development, as per Jean Piaget's theory, starting from about age 12 during which people begin to think logically about abstract concepts.

Cognitive Development

The study of how thinking, problem solving, and intelligence change and mature throughout life, especially during childhood.

Inductive Reasoning

A logical process in which multiple premises, all believed true or found true most of the time, are combined to obtain a specific conclusion.