Refer to the information provided in Figure 12.5 below to answer the question(s) that follow. Figure 12.5
-Refer to Figure 12.5. A firm produces hula hoops in a perfectly competitive market and currently produces and sells 100 per week. At this production quantity of 100 per week, society would be best served
A) if the price was lower than $10 per hula hoop.
B) if the price was higher than $10 per hula hoop.
C) if the price remained at $10 per hula hoop.
D) Society cannot be best served at a production quantity of 100, regardless of the price per hula hoop.

Question

Refer to the information provided in Figure 12.5 below to answer the question(s) that follow.  Figure 12.5
-Refer to Figure 12.5. A firm produces hula hoops in a perfectly competitive market and currently produces and sells 100 per week. At this production quantity of 100 per week, society would be best served
A) if the price was lower than $10 per hula hoop. 
B) if the price was higher than $10 per hula hoop. 
C) if the price remained at $10 per hula hoop. 
D) Society cannot be best served at a production quantity of 100, regardless of the price per hula hoop.

Quizplus · Accepted Answer

The Answer of Refer to the information provided in Figure 12.5 below to answer the question(s) that follow.  Figure 12.5
-Refer to Figure 12.5. A firm produces hula hoops in a perfectly competitive market and currently produces and sells 100 per week. At this production quantity of 100 per week, society would be best served
A) if the price was lower than $10 per hula hoop. 
B) if the price was higher than $10 per hula hoop. 
C) if the price remained at $10 per hula hoop. 
D) Society cannot be best served at a production quantity of 100, regardless of the price per hula hoop.

Refer to the Information Provided in Figure 12