Table 14-3 Use the Information for a Competitive Firm in the Table

question 141

Multiple Choice

Table 14-3
Use the information for a competitive firm in the table below to answer the following questions.

-Refer to Table 14-3.At a production level of 4 units which of the following is true?

• A)Marginal cost is $6.
• B)Total revenue is greater than variable cost.
• C)Marginal revenue is less than marginal cost.
• D)The firm is maximizing profit.

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Definitions:

Income

Money received on a regular basis from work, property, or investments.

Baristas Union

An organization formed by baristas aiming to protect their rights and advocate for better working conditions and pay.

National Labor Relations Board

An independent federal agency tasked with enforcing US labor law in relation to collective bargaining and unfair labor practices.

Organizing

The process of arranging and coordinating tasks and resources to achieve specific goals.