(Table) If the Toy-Making Firm in the Table Faces a Market

question 162

Multiple Choice

(Table) If the toy-making firm in the table faces a market price of $20 in the short run, it should
$\begin{array}{c}\hline {\text { Costs for Toy-Making Firm }} \\\begin{array}{|c|c|c|c|c|}\hline Q & \text { ATC } & \text { AVC } & \text { AFC } & \text { MC } \\\hline 0 & - & - & - & - \\\hline 8 & 93.75 & 31.25 & 62.50 & 31.25 \\\hline 17 & 58.82 & 29.41 & 29.41 & 27.78 \\\hline 27 & 46.30 & 27.78 & 18.52 & 25.00 \\\hline 40 & 37.50 & 25.00 & 12.50 & 19.23 \\\hline 54 & 32.41 & 23.15 & 9.26 & 17.86 \\\hline 66 & 30.30 & 22.73 & 7.58 & 20.83 \\\hline 76 & 29.61 & 23.03 & 6.58 & 25.00 \\\hline 84 & 29.76 & 23.81 & 5.95 & 31.25 \\\hline 91 & 30.22 & 24.73 & 5.49 & 35.71 \\\hline 96 & 31.25 & 26.04 & 5.21 & 50.00 \\\hline\end{array}\end{array}$

• A) produce 40 toys.
• B) produce 96 toys.
• C) produce 76 toys.
• D) shut down.

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Definitions:

Social Class

A division of a society based on social and economic status.

Job Requirements

Specifications and skills required for a specific position or occupation.

Hegemonic Domain

The dominance of a particular social group or ideology over others, influencing cultural and societal norms and values.

Dominant Ideology

The set of beliefs, values, and morals that are widely held by the majority of people in a society, often benefiting those in power.