-The Above Figure Shows the Market Demand Curve for Long-Distance

question 149

Multiple Choice

-The above figure shows the market demand curve for long-distance land-based telephone calls.Suppose the marginal cost of a long-distance telephone call is 2¢ a minute for a call no matter how many minutes of calls are made and there are 3 firms in the industry.If the firms in the industry operate as perfect competitors,there are ________ minutes of calls made per hour.

• A) between 0 and 3 million
• B) more than 3 million and less than or equal to 5 million
• C) more than 5 million and less than or equal to 7 million
• D) more than 7 million and less than or equal to 9 million
• E) more than 9 million

---

Definitions:

Nontoxic

Substances or materials that do not pose any risk of poisoning or harm to humans, animals, or the environment.

Compatibility

The extent to which two or more things are able to exist or perform together in combination without conflict or inconsistency.

Late Majority

A segment of consumers that adopt new products or technologies after the average member of society, often cautious and skeptical about innovations.

Late Adopters

Individuals or groups who adopt new technology, innovations, or ideas after the majority of people have done so, often cautious and skeptical about new innovations.