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

question 34

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.If this firm continues to produce,what is likely to happen to the product's price in the long run?

• A) It will fall.
• B) It will increase.
• C) It will remain constant.
• D) It cannot be determined without information on its long run demand curve.

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Definitions:

G1 Phase

The first of four phases of the cell cycle that occurs in eukaryotic cell division, during which cellular contents, excluding the chromosomes, are duplicated.

Interphase

Period between active cell divisions when DNA replication occurs.

DNA Replication

The biological process of producing two identical replicas of DNA from one original DNA molecule.

Anticodon Sequence

A sequence of three nucleotides in a tRNA molecule that pairs with the complementary codon in mRNA during protein synthesis.