Refer to the Figure Below

question 22

Multiple Choice

Refer to the figure below. If this firm is a price taker and the price of each unit of output is $10, then at its profit-maximizing level of output, this firm will earn a ______ of ______.

• A)loss; $60
• B)loss; $240
• C)profit; $450
• D)profit; $900

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Definitions:

Representative Sample

A segment of a population that faithfully reflects the traits of the whole community.

Random Selection

A method of choosing individuals or items from a larger population using a process that gives each possible choice an equal chance of being selected.

Lab Rats

Commonly used term for rats that are bred and kept for scientific research.

Scientific Method

A systematic and logical approach to discovering how things in the universe work, based on observation, hypothesis, experimentation, and conclusion.