The Table Below Shows Cost Data for a Firm That

question 37

Multiple Choice

The table below shows cost data for a firm that is selling in a purely competitive market. Refer to the above cost chart.If the marginal revenue is $6,what output should the firm produce?

• A) 10
• B) 12
• C) 14
• D) 20

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Definitions:

Geographical Location

The specific, physical place where something exists, defined by its latitude and longitude or its place in a larger area.

Sole Proprietorships

A business structure where a single individual owns and runs the business, bearing sole responsibility for its debts and liabilities.

Corporations

Business entities that are legally separate from their owners, providing limited liability protection, and able to own assets and incur debt.

Partnerships

A legal and operational agreement between two or more parties to manage and operate a business jointly, sharing its profits and liabilities.