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

question 185

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 town's weekly demand schedule and total revenue schedule for water is shown in the table below:
-Refer to Table 17-1. If this market for water were perfectly competitive instead of monopolistic, what price would be charged?

• A)$0
• B)$30
• C)$40
• D)$60

Understand the concept and characteristics of social businesses and social entrepreneurship.

Recognize the models and theories related to organizational change and improvement in the context of social entrepreneurship.

Identify the criticisms and challenges facing social entrepreneurship.

Distinguish between various schools of thought within social entrepreneurship.

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Definitions:

Auto Plant

A factory where automobiles are manufactured, typically involving assembly line production methods.

Cross-Cultural Understanding

The awareness and appreciation of differences and similarities across cultures, facilitating effective communication and interaction in a globalized world.

Cultural Stereotypes

Oversimplified and generalized beliefs about a group of people based on their culture, often leading to misunderstandings or biases.

Multicultural Experiences

Experiences that involve or are related to multiple cultures, aiding in the understanding and appreciation of cultural diversity.