Table 11-3 Table 11-3 Shows the Demand and Cost Schedules for a Price

question 231

Multiple Choice

Table 11-3
$\begin{array}{|c|c|c|c|c|}\hline \text { Quantity } & \begin{array}{c}\text { Price } \\\text { (dollars) }\end{array} & \begin{array}{c}\text { Total Revenue } \\\text { (dollars) }\end{array} & \begin{array}{c}\text { Total Variable } \\\text { Cost (dollars) }\end{array} & \begin{array}{c}\text { Total Cost } \\\text { (dollars) }\end{array} \\\hline 0 & \$ 21 & \$ 0 & \$ 0 & \$ 50 \\\hline 1 & 20 & 20 & 16 & 66 \\\hline 2 & 19 & 38 & 31 & 81 \\\hline 3 & 18 & 54 & 45 & 95 \\\hline 4 & 17 & 68 & 59 & 109 \\\hline 5 & 16 & 80 & 75 & 125 \\\hline 6 & 15 & 90 & 93 & 143 \\\hline 7 & 14 & 98 & 112 & 162 \\\hline 8 & 13 & 104 & 140 & 190 \\\hline 9 & 12 & 108 & 180 & 230 \\\hline 10 & 11 & 110 & 230 & 280 \\\hline\end{array}$ Table 11-3 shows the demand and cost schedules for a monopolistically competitive firm.
-Refer to Table 11-3.What is the amount of the firm's loss at its optimal output level?

• A) $0
• B) $41
• C) $45
• D) $50

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Definitions:

Gate-control Theory

A theory that suggests pain is not merely a direct result of activation of pain receptor neurons but also a function of the interplay between different neurons.

Perception

The process by which individuals organize and interpret their sensory impressions in order to give meaning to their environment.

Pain

An unpleasant sensory and emotional experience associated with actual or potential tissue damage.

Taste Buds

Nests of taste receptor cells.