Table 12-3 Arnie Sells Basketballs in a Perfectly Competitive Market. Table 12-3

question 192

Multiple Choice

Table 12-3

Arnie sells basketballs in a perfectly competitive market. Table 12-3 summarizes Arnie's output per day (Q) , total cost (TC) , average total cost (ATC) and marginal cost (MC) .
-Refer to Table 12-3.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.

Understand the various factors contributing to success in school and work beyond IQ.

Recognize the strengths and limitations of intelligence testing, including cultural biases.

Grasp the concepts and implications of different theories of intelligence, including Sternberg's triarchic theory and Gardner's multiple intelligences.

Understand the use and interpretation of IQ scores and their limitations.

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