Table 7-B
the Long-Run Total Cost Schedule of a Perfectly

question 12

Multiple Choice

Table 7-B
The long-run total cost schedule of a perfectly competitive firm that produces walnuts is as follows:
$\begin{array}{llcc} \text { Pounds of} & 1,000&2,000&3,000&4,000&5,000&6,000 \\ \text { Walnuts } &\\ \text { Total Cost} &\$3,000&\$5,500&\$7,500&\$8,000&\$11,000&\$15,000\\\end{array}$

-Refer to Table 7-B.The average total cost of producing 2,000 pounds of walnuts in the long run is:

• A)$2.00
• B)$2.20.
• C)$2.50.
• D)$2.75.
• E)$3.00

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Definitions:

Mid-1960s

A period in the 20th century characterized by significant social, political, and cultural changes, including the civil rights movement and the escalation of the Vietnam War.

Black Panthers

An African-American revolutionary party, founded in 1966, that advocated for the defense of African-American communities from state oppression and police brutality.

Capitalist System

An economic system where trade, industry, and the means of production are largely or entirely privately owned and operated for profit, guided by market forces.

Gulf of Tonkin

Refers to an incident in 1964 off the coast of Vietnam that led to the U.S. Congress passing the Gulf of Tonkin Resolution, escalating American involvement in the Vietnam War.