The Table Given Below Shows the Price of Each Unit

question 78

Multiple Choice

The table given below shows the price of each unit of the product manufactured by a firm and the marginal cost of producing different units of the output.
Table: 9.1

- Refer to Table 9.1.If the market price of the good falls to $0.80 per unit,the firm:

• A)should decrease its output to Seven units.
• B)should decrease its output to seven units.
• C)should increase its output to ten units.
• D)should produce nine units.
• E)should keep its output level unchanged.

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Definitions:

Data Set

A collection of data, often presented in tabular form, where each row represents a different individual or entity and each column represents a particular variable or attribute.

Population Subset

A smaller group selected from a larger population, used in statistical analysis to draw conclusions or make inferences about the greater population.

Inferential Statistics

A branch of statistics that allows us to make predictions or inferences about a population based on a sample of data.

Sample

A subset of a population selected for observation and analysis.