Table 7-2 Arnie Sells Basketballs in a Perfectly Competitive Market

question 73

Multiple Choice

Table 7-2
Arnie sells basketballs in a perfectly competitive market. Table 7-2 summarises Arnie's output per day (Q) , total cost (TC) , average total cost (ATC) and marginal cost (MC) .
-Refer to Table 7-2.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:

Resonance Form

One of two or more Lewis structures for a molecule that differ only in the position of electrons, not the position of nuclei.

Hybridization

A model explaining the bonding structure of molecules based on the mixing of atomic orbitals into new hybrid orbitals.

CCO Bond Angle

Refers to the angle between two carbon atoms and an oxygen atom within a molecule, impacting the molecule's shape and reactivity.

Acetone

A volatile, colorless liquid used as a solvent and an antiseptic, known chemically as propanone with the formula (CH3)2CO.