Under Pure Competition, the Market Price of an Output Is

question 86

Multiple Choice

Under pure competition, the market price of an output is $3. The output schedule of a firm using input X is listed in the table. If the price of input X is $12, how many units of input X will the firm employ to maximize profits? $\begin{array} { | c | c | } \hline \text { Units of X } & \begin{array} { c } \text { Mrringl } \\\text { Product }\end{array} \\\hline 1 & 10.0 \\\hline 2 & 9.9 \\\hline 3 & 8.8 \\\hline 4 & 7.7 \\\hline 5 & 6.6 \\\hline 6 & 5.5 \\\hline 7 & 4.4 \\\hline 8 & 3.3 \\\hline 9 & 2.2 \\\hline\end{array}$

• A) 4
• B) 5
• C) 7
• D) 9

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Definitions:

Organizational Rules

The guidelines and procedures established within an organization to regulate the behavior and actions of its members.

Gestalt Psychologists

Gestalt psychologists focus on understanding how people perceive and make sense of visual information, emphasizing that the whole of anything is greater than its parts.

Perceived Whole

The concept that an individual sees a complex object or pattern as a single, unified form rather than a collection of separate parts.

Connectedness

Refers to the state or quality of being connected or interconnected, often used to discuss social bonds and relationships among individuals or communities.