Table 74 Table 74 Shows the Short-Run Cost Data of a Perfectly Competitive

question 235

Multiple Choice

Table 7.4
$$\begin{array} { | c | c | c | c | } \hline \text { Quantity } & \begin{array} { c } \text { Average } \\\text { Fixed Cost }\end{array} & \begin{array} { c } \text { Average } \\\text { Variable Cost }\end{array} & \begin{array} { c } \text { Marginal } \\\text { Cost }\end{array} \\\hline 20 & \$ 40 & \$ 18 & \$ 18 \\\hline 40 & 20 & 14 & 10 \\\hline 60 & 13.1 & 16 & 20 \\\hline 80 & 10 & 22 & 40 \\\hline 100 & 8 & 30 & 62 \\\hline 120 & 6.61 & 40 & 90 \\\hline\end{array}$$ Table 7.4 shows the short-run cost data of a perfectly competitive firm. Assume that output can only be increased in batches of 20 units.
-Refer to Table 7.4.If the market price is $45,how many units will the firm produce?

• A) 60 units
• B) 80 units
• C) 100 units
• D) 120 units

---

Definitions:

Quantitative Factor Analysis

A statistical method used to describe variability among observed, correlated variables in terms of fewer unobserved variables, called factors.

Allport

Gordon Allport, a pioneering psychologist known for his theory on personality traits and the concept of the "proprium" as the core of an individual's sense of self.

Odbert

Likely refers to an individual associated with psychological research or theory, but without more context, it's difficult to provide a specific definition.

California Q-Set

The California Q-Set is a psychological assessment tool used to evaluate personality traits, allowing individuals to be described through the sorting of descriptive items into a forced distribution.