Answer the Question on the Basis of the Following Cost

question 81

Multiple Choice

Answer the question on the basis of the following cost data for a purely competitive seller: $$\begin{array} { c c c } \text { Output } & & \text { Total Cost } \\\hline0 & & \$ 50 \\1 & & 90 \\2 & & 120 \\3 & & 140 \\4 & & 170 \\5 & & 210 \\6 & & 260 \\7 & & 330\end{array}$$ Refer to the data.If product price is $25,the firm will:

• A) shut down and incur a $90 loss.
• B) shut down and incur a $50 loss.
• C) produce 3 units and incur a $65 loss.
• D) produce 4 units and realize a $10 economic profit.

Realize the impact of corporate structures on business operations and liability.

Grasp concepts related to household production and the differentiation between private goods and public goods.

Understand the role and impact of household production decisions in response to taxation.

Comprehend the objectives of elected officials and the concept of the public interest.

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