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

question 158

Multiple Choice

Table 17-1
Imagine a small town in which only two residents, Sydney and Matthew, own wells that produce safe drinking water. Each week Sydney and Matthew 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 Sydney and Matthew 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 following table:
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$$\begin{array} { | c | c | c | } \hline \begin{array} { c } \text { Quantity } \\\text { (Gallons) }\end{array} & \begin{array} { c } \text { Price } \\\text { (Dollars per gallon) }\end{array} & \begin{array} { c } \text { Total Revenue and Total Profit } \\\text { (Dollars) }\end{array} \\\hline 0 & 48 & 0 \\\hline 90 & 44 & 3,960 \\\hline 180 & 40 & 7,200 \\\hline 270 & 36 & 9,720 \\\hline 360 & 32 & 11,520 \\\hline 450 & 28 & 12,600 \\\hline 540 & 24 & 12,960 \\\hline 630 & 20 & 12,600 \\\hline 720 & 16 & 11,520 \\\hline 810 & 12 & 9,720 \\\hline 900 & 8 & 7,200 \\\hline 990 & 4 & 3,960 \\\hline 1,080 & 0 & 0 \\\hline\end{array}$$ ​
-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 gallons
• B)540 gallons
• C)630 gallons
• D)1,080 gallons

Recognize the rights and duties of unionized employees, including picket line protocols during strikes.

Understand the rights and legal mechanisms available to employees in cases of constructive dismissal.

Grasp the legal principles and protections related to employment standards, mediation, and trade union activities.

Understand the hierarchy of needs as outlined by Abraham Maslow, including the pinnacle need of self-actualization.

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Definitions:

Grit

The quality of being resilient, perseverant, and passionate towards long-term goals despite facing hardship or failure.

G Factor

A construct developed in psychometric investigations of cognitive abilities and human intelligence, referring to the general intelligence factor that underlies all intelligent activity.

Street Smarts

Practical knowledge and skills possessed by someone who is experienced in dealing with difficult or dangerous situations, especially in urban environments.

Analytical Intelligence

The ability to analyze, evaluate, judge, compare, and contrast in order to solve problems.