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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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