Table 83 Arnie Sells Basketballs in a Perfectly Competitive Market

question 97

Multiple Choice

Table 8.3 Arnie sells basketballs in a perfectly competitive market.Table 8.3 summarises Arnie's output per day (Q) , total cost (TC) , average total cost (ATC) and marginal cost (MC) .
-Refer to Table 8.3.What will Arnie's output be and how much profit will he earn if the market price of basketballs is $5.00?

• A)Q = 1; profit = -$10.
• B)Q = 3; profit = -$7.50
• C)Q = 0; profit = -$10.00
• D)Price and profit cannot be determined from the information given.

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Definitions:

Accountants

Professionals who perform financial functions related to the collection, accuracy, recording, analysis, and presentation of a business, organization, or individual's financial operations.