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MC Qu. 13-100 (Algo) Answer the question on the basis... Answer the question on the basis of the following demand and cost data for a
MC Qu. 13-100 (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 |
$ 10.50 | $ 10.00 | 6 | 6 | $ 61 |
10.00 | 8.85 | 7 | 7 | 62 |
9.50 | 8.00 | 8 | 8 | 64 |
9.00 | 7.00 | 9 | 9 | 67 |
8.50 | 6.10 | 10 | 10 | 72 |
8.00 | 5.00 | 11 | 11 | 79 |
7.50 | 4.15 | 12 | 12 | 86 |
With the demand schedule shown by columns (2) and (3), in long-run equilibrium
Multiple Choice
- price will equal marginal revenue.
- price will equal average total cost.
- total cost will exceed total revenue.
- marginal cost will exceed price.
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