Use the Table Below to Answer the Following Question

question 57

Multiple Choice

Use the table below to answer the following question.
Table 12.4.1


-Refer to Table 12.4.1. The top table shows the market demand schedule for paper. The market is perfectly competitive and there are 1,000 firms that produce paper. Each firm has the costs shown in the bottom table when it uses its least-cost plant. The market price in the long run is ________ a box and the equilibrium quantity produced in the long run is ________ boxes a week.

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Definitions:

Unit Sales

The measure of the total quantity of a product sold, often used as a metric for tracking the performance of consumer goods.

Revenue

The total income generated from normal business operations and other activities over a specific period of time.

Items Sold

The total quantity of products or services sold by a business within a specific period.

Razor-And-Razor-Blade

A business model that sells a primary product at a low price (or gives it away) to drive the sales of related consumable products.