Answer the question on the basis of the following demand and cost data for a specific firm. Demand Data Cost Data (1) Price (2) Price (3) Quantity Output Total Cost $12.00 $10.00 6 6 $61 11.00 8.85 7 7 62 10.00 8.00 8 8 64 9.00 7.00 9 9 67 8.00 6.10 10 10 72 7.00 5.00 11 11 79 6.00 4.15 12 12 86 With the demand schedule shown by columns (2) and (3), in long-run equilibrium A) price will equal ATC B). total cost will exceed total revenue. C) marginal cost will exceed price. D) price will equal marginal revenue
Answer the question on the basis of the following demand and cost data for a specific firm. Demand Data Cost Data (1) Price (2) Price (3) Quantity Output Total Cost $12.00 $10.00 6 6 $61 11.00 8.85 7 7 62 10.00 8.00 8 8 64 9.00 7.00 9 9 67 8.00 6.10 10 10 72 7.00 5.00 11 11 79 6.00 4.15 12 12 86 With the demand schedule shown by columns (2) and (3), in long-run equilibrium A) price will equal ATC B). total cost will exceed total revenue. C) marginal cost will exceed price. D) price will equal marginal revenue
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter5: Buying The Necessities
Section: Chapter Questions
Problem 20AA
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Answer the question on the basis of the following
| Demand Data | Cost Data | |||
| (1) |
(2) Price | (3) Quantity | Output | Total Cost |
| $12.00 | $10.00 | 6 | 6 | $61 |
| 11.00 | 8.85 | 7 | 7 | 62 |
| 10.00 | 8.00 | 8 | 8 | 64 |
| 9.00 | 7.00 | 9 | 9 | 67 |
| 8.00 | 6.10 | 10 | 10 | 72 |
| 7.00 | 5.00 | 11 | 11 | 79 |
| 6.00 | 4.15 | 12 | 12 | 86 |
With the demand schedule shown by columns (2) and (3), in long-run
A) price will equal
B). total cost will exceed total revenue.
C) marginal cost will exceed price.
D) price will equal marginal revenue
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