The Table Given Below Shows the Price of Each Unit

question 98

Multiple Choice

The table given below shows the price of each unit of the product manufactured by a firm and the marginal cost of producing different units of the output.Table: 10.1

-A firm's total revenue is $400 for 8 units of output, $600 for 12 units of output, and $1,100 for 22 units of output. Evidently this firm is operating in a(n) :

• A)perfectly competitive market.
• B)monopolistic market.
• C)monopsonist market.
• D)monopolistically competitive market.
• E)oligopolistic market.

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Definitions:

Inborn Capacities

Natural abilities or talents that an individual possesses from birth.

Potentialities

Capabilities or possibilities that may come into being or action; latent qualities or abilities that may be developed.

Humanistic Approach

An approach to psychology that emphasizes empathy and stresses the good in human behavior, focusing on the individual's potential and stressing the importance of growth and self-actualization.

Self-Centeredness

A personality characteristic involving an excessive focus on oneself and one's own needs, often neglecting others.