The table shows a total-product schedule for a resource. Assume that the quantities of other resources the firm employs remain constant. If the firm can produce 24 units at a price of $1.00, 42 units at a price of $0.80, and 54 units at a price of $0.60, then the firm is
A)selling in a purely competitive market.
B)selling in an imperfectly competitive market.
C)minimizing its costs at a product price of $1.00.
D)maximizing profits at a product price of $0.60.

Question

The table shows a total-product schedule for a resource. Assume that the quantities of other resources the firm employs remain constant. If the firm can produce 24 units at a price of $1.00, 42 units at a price of $0.80, and 54 units at a price of $0.60, then the firm is
A)selling in a purely competitive market. 
B)selling in an imperfectly competitive market. 
C)minimizing its costs at a product price of $1.00. 
D)maximizing profits at a product price of $0.60.

Quizplus · Accepted Answer

The Answer of  The table shows a total-product schedule for a resource. Assume that the quantities of other resources the firm employs remain constant. If the firm can produce 24 units at a price of $1.00, 42 units at a price of $0.80, and 54 units at a price of $0.60, then the firm is
A)selling in a purely competitive market. 
B)selling in an imperfectly competitive market. 
C)minimizing its costs at a product price of $1.00. 
D)maximizing profits at a product price of $0.60.

The Table Shows a Total-Product Schedule for a Resource