Table 11-5 Table 11-5 Shows the Demand and Cost Data Facing a Price

question 302

Multiple Choice

Table 11-5
$\begin{array}{|c|c|c|}\hline \text { Quantity } & \text { Price } & \text { Total Cost } \\\hline 1 & \$ 18 & \$ 14 \\\hline 2 & 16 & 20 \\\hline 3 & 14 & 26 \\\hline 4 & 12 & 32 \\\hline 5 & 10 & 38 \\\hline 6 & 8 & 44 \\\hline\end{array}$ Table 11-5 shows the demand and cost data facing a monopolistically competitive producer of canvas bags.
-Refer to Table 11-5.What are the firm's profit-maximizing or loss-minimizing price and quantity?

• A) price = $10; quantity = 5.
• B) price = $12; quantity = 4.
• C) The firm should shut down temporarily.
• D) This cannot be determined from the information given.

---

Definitions:

Videoconferencing

The use of video technology to conduct a conference between two or more participants at different sites.

Remote Locations

Areas that are situated far from populated centers, often inaccessible by conventional means of transportation.

Virtual Teams

Groups of people who work together from different geographical locations, connected by the internet or other digital communication technologies.

Virtual Worlds

Computer-based simulated environments where users can interact with a graphical interface and other users through avatars.