The Table Given Below Shows the Price of Each Unit

question 46

Multiple Choice

The table given below shows the price of each unit of the product manufactured by a firm and the marginal cost of producing different units of the output. Table: 23.1
Refer to Table 23.1.If the market price of the good falls to $0.80 per unit, the firm:

• A)should decrease its output to seven units.
• B)should decrease its output to seven Units.
• C)should increase its output to ten units.
• D)should produce nine units.
• E)should keep its output level unchanged.

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Definitions:

W. Edwards Deming

An American engineer, statistician, professor, author, lecturer, and management consultant, known for his work in the field of quality management.

Wagner Act

U.S. legislation passed in 1935 that established the rights of employees to unionize, engage in collective bargaining, and take collective action, including striking.

Collective Bargaining

The process of negotiation between employers and a group of employees aimed at agreements to regulate working salaries, working conditions, benefits, and other aspects of workers' compensation and rights.

Human Relations Techniques

Approaches and methods used to improve interpersonal relationships, worker satisfaction, and productivity in the workplace.