Use the Following Table to Answer the Question : Table

question 69

Multiple Choice

Use the following table to answer the question : Table 15-3: Abbott and Costello are two firms that compete with each other in the market for ice-cream.They can price their product at a high,medium,or low price.The following matrix shows their profits from their respective pricing strategies.

-Refer to Table 15-3.When Abbott chooses the high-pricing strategy,Costello's highest possible profit is:

• A)$115
• B)$100
• C)$107
• D)$21

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Definitions:

Input

Refers to the resources, materials, or services that are used in the production of goods and services.

Output

The total amount of goods or services produced by a company, industry, or country.

Technological Advance

Refers to the improvement and innovation in technology, leading to increased productivity, better products, or new methods of production.

Marginal Product

The additional output resulting from the use of one more unit of a production input, holding other inputs constant.