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:

Cardiac Rehabilitation

A supervised program that includes exercise training, health education, and stress reduction for patients who have experienced heart-related problems.

Second Heart Attack

A subsequent myocardial infarction that occurs in an individual who has already experienced one heart attack, emphasizing the importance of ongoing cardiac care and lifestyle modification.

Cardiovascular Disease

A broad term for diseases that involve the heart or blood vessels, including coronary artery disease, heart failure, and stroke.

Behaviors

Actions or reactions of individuals, usually in relation to their environment, which can be observable by others.