The Following Table Applies to a Purely Competitive Industry Composed

question 115

Multiple Choice

The following table applies to a purely competitive industry composed of 100 identical firms. $\begin{array}{lcl}Quantity&&Quantity\\Demanded &Price &Supplied\\\hline400,000 & \$ 5 & 800,000 \\500,000 & 4 & 700,000 \\600,000 & 3 & 600,000 \\700,000 & 2 & 500,000 \\800,000 & 1 & 400,000\end{array}$ Refer to the table.If each of the 100 firms in the industry is maximizing its profit and earning only a normal profit,each must have an average total cost of:

• A) $2.
• B) $3.
• C) $4.
• D) $5.

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Definitions:

Basophil

A type of white blood cell involved in inflammatory responses and allergic reactions.

Hematocrit Value

The ratio of the volume of red blood cells to the total volume of blood, a key measure in blood tests to assess health.

Adult Male

A human male who has attained physical and sexual maturity, typically over the age of 18.

Hemoglobin

A protein in red blood cells responsible for transporting oxygen from the lungs to the rest of the body.