Answer the Question on the Basis of the Following Demand $\quad$

question 157

Multiple Choice

Answer the question on the basis of the following demand and cost data for a specific firm. $\quad$$\quad$$\quad$$\quad$$\text { Demand Data }$ $\quad$$\quad$$\quad$ $\text { Cost Data }$
$\begin{array}{|c|c|c|c|c|}\hline(1) &(2) &(3) &&\text { Total } \\\text { Price }&\text { Price }&\text { Quanti }&\text { Outpu }&\text { Cost } \\&&\text { ty }& \text { t }\\\hline 11.0 & \$ 10.0 & 6 & 6 & \$ 61 \\0 & 0 & & & \\\hline 9.99 & 8.85 & 7 & 7 & 62 \\\hline 9.00 & 8.00 & 8 & 8 & 64 \\\hline 8.00 & 7.00 & 9 & 9 & 67 \\\hline 7.10 & 6.10 & 10 & 10 & 72 \\\hline 6.00 & 5.00 & 11 & 11 & 79 \\\hline 5.15 & 4.15 & 12 & 12 & 86 \\\hline\end{array}$ With the demand schedule shown by columns (2) and (3) , in long-run equilibrium

• A) price will equal average total cost.
• B) total cost will exceed total revenue.
• C) marginal cost will exceed price.
• D) price will equal marginal revenue.

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Definitions:

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Species Diversity

A measure of biodiversity that refers to the variety of species within a particular region.

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Biosphere Reserve

Areas designated under UNESCO’s Man and the Biosphere Programme to promote sustainable development by combining scientific research, conservation, and education.