Item4

2points

Time Remaining 50 minutes 56 seconds00:50:56eBookReferencesCheck my workCheck My Work button is now disabled1Item 4Time Remaining 50 minutes 56 seconds00:50:56MC Qu. 13-99 (Algo) Answer the question on the basis...

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
$11.50	$10.00	6	6	$61
11.00	8.85	7	7	62
10.50	8.00	8	8	64
10.00	7.00	9	9	67
9.60	6.10	10	10	72
9.10	5.00	11	11	79
8.30	4.15	12	12	86

Suppose that entry into this industry changes this firm's demand schedule from columns (1) and (3) to columns (2) and (3). We can conclude that this industry is

Multiple Choice

• monopolistically competitive.

purely competitive.

a pure monopoly.

a constant cost industry.