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.

---

Definitions:

New Social Movement Theory

A sociological theory that explains the emergence, dynamics, and impact of social movements that emerged from the 1960s onwards, focusing on identity, culture, and decentralized organizational structures.

Solidarity Theory

A sociological perspective emphasizing the unity or agreement of feeling or action, especially among individuals with a common interest; mutual support within a group.

Relative Deprivation Theory

A sociological theory that posits an individual or group's perception of disadvantage in comparison to others fuels social discontent and movements for change.

National Scope

refers to the extent or range of something that covers an entire nation or country.