Use the following to answer question: 
-(Table: Lunch) Use Table: Lunch.This table shows market demand for picnic lunches for people taking all-day rafting trips on the river.Suppose that the marginal cost and average cost of each lunch are a constant $4 for all firms in the market.If Joe owns one of many firms in a competitive industry,what price will he charge for a lunch in the long run?
Definitions:
Commitment To Finance
A lender's promise to provide funds under specified conditions to a borrower for a particular transaction.
After-Tax Cost
The actual cost of an investment or loan after considering the effects of taxes on its profitability or expense.
Salvage Value
The estimated resale value of an asset at the end of its useful life.
Legal Owner
The person or entity that has legal title or ownership of property or assets.
Q49: The pattern of behaviour in which one
Q49: In long-run equilibrium in monopolistic competition,marginal cost
Q111: (Figure: Collusion)Use Figure: Collusion.The price charged by
Q179: If the price is consistently below the
Q186: (Table: Prices and Demand)Use Table: Prices and
Q199: In perfect competition,the firm produces the output
Q215: Suppose that each of the two firms
Q231: The main characteristic that distinguishes monopolistic competition
Q256: Which statement BEST reflects an evaluation of
Q304: (Table: Total Cost and Output)Use Table: Total