Table 12-2 Arnie Sells Basketballs in a Perfectly Competitive Market.Table

question 8

Multiple Choice

Table 12-2
Arnie sells basketballs in a perfectly competitive market.Table 12-2 summarizes Arnie's output per day (Q) ,total cost (TC) ,average total cost (ATC) and marginal cost (MC) .
-Refer to Table 12-2.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:

Just-noticeable Difference

The minimum difference in stimulus intensity required to detect a difference between two stimuli.

Thalamus

A part of the brain that serves as a central relay station for sensory information, excluding smell.

Cortex

The outer layer of the brain involved in higher-order brain functions such as thought, language, and decision making.

Pons

A part of the brain located in the brainstem that plays key roles in regulating sleep, breathing, and coordination between different parts of the brain.