Table 12-1 Table 12-1 Shows the Short-Run Cost Data of a Perfectly

question 22

Multiple Choice

Table 12-1

Table 12-1 shows the short-run cost data of a perfectly competitive firm that produces plastic camera cases. Assume that output can only be increased in batches of 100 units.
-Refer to Table 12-1.If the market price of each camera case is $8 and the firm maximizes profit, what is the amount of the firm's profit or loss?

• A)$0 (it breaks even)
• B)loss of $1,000
• C)profit of $440
• D)loss of $440

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Definitions:

TSX

The Toronto Stock Exchange, which is the largest stock exchange in Canada where securities are bought and sold.

Standard Deviation

A metric that quantifies the extent of differences or variability among a group of figures.

Variance

A measure of dispersion that shows how much the data points in a set differ from the mean.

Squared Difference

The result of subtracting one value from another and then squaring the result, often used in statistical calculations to measure variance.