Table 83 Arnie Sells Basketballs in a Perfectly Competitive Market

question 196

Multiple Choice

Table 8.3 Arnie sells basketballs in a perfectly competitive market.Table 8.3 summarises Arnie's output per day (Q) , total cost (TC) , average total cost (ATC) and marginal cost (MC) .
-Refer to Table 8.3.What price (P) will Arnie charge and how much profit will he earn if the market price of basketballs is $12.50?

• A)Price and profit cannot be determined from the information given.
• B)P = $12.50; profit = $52.50
• C)P = $12.50; profit = $22.50
• D)P = $20; profit = $75.00.

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Definitions:

Unilateral Changes

Adjustments to policies, contracts, or conditions made by one party without consultation or agreement from the other party, often in employment or legal contexts.

Line Managers

Managers who have direct oversight and responsibility for certain employees and their work within an organizational structure.

Record Keeping

The organized practice of maintaining and managing records or documents relevant to a business or organization's operations.

Union Drive

A campaign or movement orchestrated by employees and labor organizers to establish a labor union representation within a workplace.