Refer to the Data Provided in Table 9 -Refer to Table 9

question 84

Multiple Choice

Refer to the data provided in Table 9.1 below to answer the question(s) that follow.
Table 9.1 $$\begin{array} { l l l l l l l } \text { q } & \text { TFC } & \text { TVC } & \text { TC } & \text { MC } & \text { AVC } & \text { ATC } \\\hline 0 & \$ 50 & \$ 0 & \$ 50 & - - & - - & - - \\1 & 50 & 20 & 70 & 20 & 20 & 70 \\2 & 50 & 30 & 80 & 10 & 15 & 40 \\3 & 50 & 45 & 95 & 15 & 15 & 31.67 \\4 & 50 & 62 & 112 & 17 & 15.50 & 28 \\5 & 50 & 90 & 140 & 28 & 18 & 28 \\6 & 50 & 132 & 182 & 42 & 22 & 30.33 \\7 & 50 & 186 & 236 & 54 & 26.57 & 33.71 \\\hline\end{array}$$
-Refer to Table 9.1. In the long run, if cost conditions do not change, this firm will earn a zero economic profit if price is

• A) $10.
• B) $15.
• C) $20.
• D) $28.

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Definitions:

Ongoing Business

A company or commercial enterprise that continues to operate and engage in its activities, as opposed to one that is in the process of closing down or has ceased operations.

Noncompetition

An agreement, often within a contract, that restricts one party from competing directly with another party, usually after termination of the agreement.

Disaffirm

To disaffirm means to legally reject or void a contract or agreement, usually because of the incapacity or unfairness to one party involved.

Minor

An individual who is under the age of majority, legally considered as not yet fully adult and under the care of a parent or guardian.