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:

Trochanter

A large, bony prominence found on the femur, serving as a major attachment point for muscles.

Fossa

A depression or hollow, often found in bones or in the body, serving various purposes like accommodating muscles or organs.

Sinus

A cavity within a bone or other tissue, most commonly found in the nose and respiratory system.

Chondrocostal

Pertaining to the cartilage connected to the ribs, often used in the context of the chest structure and related conditions.