Use the Following to Answer Question 28 -(Table: Workers and Art Output)Use Table: Workers and Art Output

question 193

Multiple Choice

Use the following to answer question 28: $$\begin{array}{l}\text { Table: Workers and Art Output }\\\begin{array} { l c } \hline \begin{array} { l } \text { Number of } \\\text { Workers (artists) }\end{array} & \begin{array} { c } \text { Output } \\\text { (mud statues) }\end{array} \\\hline 1 & 10 \\2 & 25 \\3 & 35 \\4 & 43 \\5 & 48 \\\hline\end{array}\end{array}$$
-(Table: Workers and Art Output) Use Table: Workers and Art Output.Suppose that you achieve your dream of opening an art studio specializing in selling mud statues.You pay $10 in fixed costs for equipment and $9 per day to each of your workers who make the mud statues.The industry is perfectly competitive,with a current market price of $1.How many statues should you produce?

• A) 25
• B) 35
• C) 43
• D) 3

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Definitions:

Prices Received

The amount of money that sellers receive for their goods or services, often considered in the context of market dynamics and economic analysis.

Farmers

Individuals engaged in agriculture, raising living organisms for food or raw materials, often on a farm or rural setting.

Percent

A unit of measure used to express a proportion or a fraction of a whole, represented as a part of one hundred.

Price Support Program

Government interventions to stabilize or increase market prices of commodities, usually through direct payments, purchases, or loans to producers.