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

question 75

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 will Arnie's output be and how much profit will he earn if the market price of basketballs is $5.00?

• A)Q = 1; profit = -$10.
• B)Q = 3; profit = -$7.50
• C)Q = 0; profit = -$10.00
• D)Price and profit cannot be determined from the information given.

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Definitions:

Norms

Socially accepted rules that dictate the expected behavior in specific situations, guiding individual actions within a group.

Manipulated

Altered or controlled in a skillful or sometimes deceitful manner to achieve a desired outcome.

Behavior

The actions or reactions of an organism, often in relation to its environment, which can be observed and measured.

Littering

The improper disposal of waste products in an inappropriate place, typically in public areas.