Table 7-6 The Following Table Represents the Costs of Five Possible Sellers

question 69

Multiple Choice

Table 7-6
The following table represents the costs of five possible sellers.

-Refer to Table 7-6.Suppose each of the five sellers can supply at most one unit of the good.The market quantity supplied is exactly 4 if the price is

• A) $770.
• B) $970.
• C) $1,170.
• D) $1,370.

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Definitions:

Average Product

The average amount of output produced per unit of a specific input, like labor or capital, over a certain period.

Diminishing Returns

The principle stating that if one factor of production is increased while others remain constant, the overall returns will initially increase but will eventually decrease after a certain point.

Unit Of Labor

A measure of labor input, often referred to as one hour of work by an employee or worker.