Refer to the Following Table That Shows the Short-Run Production

question 25

Multiple Choice

refer to the following table that shows the short-run production relationship and the product demand schedule for a firm.


$\begin{array}{ccc}\text { Labor } & \text { Output } & \text { Output Price } \\\hline1 & 10 & \$ 20.00 \\2 & 15 & 19.00 \\3 & 19 & 18.00 \\4 & 22 & 17.00 \\5 & 24 & 16.00 \\6 & 25 & 15.00\end{array}$
-The table indicates that:

• A)the firm sells output in a perfectly competitive market
• B)the firm is a monopolist
• C)the firm hires labor in a perfectly competitive market
• D)the firm is a monopsonist

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