Table 101 -Refer to Table 10

question 37

Multiple Choice

Table 10.1
$$\begin{array} { c c c } \mathrm { Q } & \mathrm { P } ( \$ ) & \mathrm { TC } ( \$ ) \\\hline 1 & 27 & 10 \\2 & 24 & 17 \\3 & 21 & 32 \\4 & 18 & 47 \\5 & 15 & 67\end{array}$$
-Refer to Table 10.1,which shows the output,price,and total cost for a monopolistic competitor.At the profit-maximizing output,the monopolistically competitive firm is in _____

• A)long-run equilibrium, and price equals average total cost.
• B)long-run equilibrium, and price is less than average total cost.
• C)short-run equilibrium, and price is greater than average total cost.
• D)short-run equilibrium, and incurs an economic loss.
• E)short-run equilibrium, and there is zero economic profit.

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Definitions:

Fime Corporation

appears to be a specific company name, and without specific context, it is not possible to provide a definition beyond being a potentially named corporation.

Standard Hours Allowed

The number of labor hours that should have been worked according to budgeted productivity levels for the actual level of production achieved.

Labor Rate Variance

The difference between the actual hourly wage paid to workers and the standard or expected wage rate.

Standard Labor Rate

The predetermined hourly wage rate used in cost accounting to calculate labor costs.