Table 14-3 The Market for Whizzly Jigs Consists of Many Identical Firms

question 88

Multiple Choice

Table 14-3
The market for Whizzly Jigs consists of many identical firms, each with the cost structure below.Suppose the current market price is $2.
-Refer to table 14-3.Suppose the current market price is $2.What is the output of each individual firm?

• A)two units
• B)three units
• C)four units
• D)five units

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Definitions:

Probabilities

The measure of the likelihood that an event will occur, often quantified as a number between 0 and 1.

Simple Events

An event in probability that consists of only one outcome or occurrence and cannot be broken down further.

Probabilities

The likelihood or chance that a particular event will occur, expressed as a number between 0 and 1.

Sales

The exchange of a commodity for money; the action of selling something.