Table 7-A
Revenue and Cost Data for a Perfectly Competitive

question 60

Multiple Choice

Table 7-A
Revenue and Cost Data for a Perfectly Competitive Firm
$$\begin{array} { c c c c c c c } \text { Daily } & \text { Price } & \text { Total } & \text { TFC } & \text { TVC } & \text { TC } & \text { Profit } \\\text { Output } && \text { Revenue } & & & & \\0 & \$ 20 & \$0 & V&\$0& \$ 50 & - \$ 50 \\1 & \$ 20 & \$ 20 & \$ 50 & \$ 12 & \$ W & - \$ 42 \\2 & \mathbf { X } & \$ 40 & \$ 50 & Y & \$ 78 & - \$ 38 \\3 & \$ 20 & \$ 60 & \$ 50 & \$ 45 & \$ 95 & Z\end{array}$$
-Refer to Table 7-A.What is the value of the variable V shown in the table?

• A)$0
• B)$50
• C)$20
• D)The value of V cannot be determined from the information provided.

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Definitions:

Cash Account

A financial account that tracks the flow of cash transactions, including both receipts and disbursements.

Cash Receipts

The collection of money (cash, checks, wire transfers) by a business from its customers.

Cash Payments

Payments of cash to fulfill debts or acquire goods and services.

T Accounts

A visual representation of a ledger account that separates debits and credits, making the accounting process simpler.