Consider the Following Total Cost Schedule for a Perfectly Competitive

question 128

Multiple Choice

Consider the following total cost schedule for a perfectly competitive firm producing ball-point pens.
TABLE 9-3
-Refer to Table 9-3.Suppose the prevailing market price for this firm's product is $0.45.If the firm is producing 20 units of output per period,then its profit per unit is ________ and its total profit per period is ________.

• A)$9; $180
• B)$0.05; $1.00
• C)$6; $120
• D)$0.01; $2
• E)$0.40; $8

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Definitions:

At Most One

Indicates a restriction or condition where the maximum number of occurrences or instances is one.

Standard Deviation

A statistical measure of the dispersion or variability of a set of numbers, indicating the average distance from the mean.

Montana Highways

Refers to the network of state and interstate highways that crisscross the state of Montana, serving as important transportation routes.

Speed Limit

A legally determined maximum speed at which vehicles may travel on a particular road or area.