Table 17-1 Imagine a Small Town in Which Only Two Residents, Rochelle

question 232

Multiple Choice

Table 17-1
Imagine a small town in which only two residents, Rochelle and Alec, own wells that produce safe drinking water. Each week Rochelle and Alec work together to decide how many gallons of water to pump. They bring the water to town and sell it at whatever price the market will bear. To keep things simple, suppose that Rochelle and Alec can pump as much water as they want without cost so that the marginal cost of water equals zero. The weekly town demand schedule and total revenue schedule for water is shown in the table below:

-Refer to Table 17-1.If the market for water were perfectly competitive instead of monopolistic,how many gallons of water would be produced and sold?

• A) 0
• B) 600
• C) 900
• D) 1,200

---

Definitions:

Physiological Differences

Variations in the functioning of the body among individuals or groups, often studied in contexts such as gender, race, or health status.

Hunters And Heavy Laborers

Individuals who engage in hunting and physically demanding tasks as their primary forms of occupation or subsistence.

Physiological Differences

Variations in the functioning of organisms due to biological factors.

Exercise And Athletic Performance

The influence of physical activity on the body's ability to perform in sports or other physical endeavors.