Table 13-3 Table 13-3 Shows the Demand and Cost Schedules for a and Cost

question 157

Multiple Choice

Table 13-3

Table 13-3 shows the demand and cost schedules for a monopolistically competitive firm.
-Refer to Table 13-3.What is its average variable cost of production at its optimal output level?

• A)$0 (because its optimal output = 0)
• B)$15
• C)$14.75
• D)$29

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Definitions:

Mean

The average of a set of numbers, calculated by dividing the sum of all values by the number of values.

Median

A measure of central location provided by the value in the middle when the data are arranged in ascending order.

Uniform Distribution

A type of probability distribution in which all outcomes are equally likely.