Table 13-4

Table 13-4 lists estimated revenues and costs (per week)for plastic vials (100 vials per box)for the Victoria Biological Supplies Company. Victoria sells plastic vials to universities and private research laboratories.
-Refer to Table 13-4.Based on the data in the table, which of the following statements is true?
A)The table summarizes Victoria's short-run, rather than long-run, market for plastic vials.
B)Victoria could be either a monopolistically competitive or a perfectly competitive firm.
C)Victoria should shut down temporarily.
D)Victoria should advertise more in order to increase the demand for plastic vials.

Question

Table 13-4
  
Table 13-4 lists estimated revenues and costs (per week)for plastic vials (100 vials per box)for the Victoria Biological Supplies Company. Victoria sells plastic vials to universities and private research laboratories.
-Refer to Table 13-4.Based on the data in the table, which of the following statements is true?
A)The table summarizes Victoria's short-run, rather than long-run, market for plastic vials. 
B)Victoria could be either a monopolistically competitive or a perfectly competitive firm. 
C)Victoria should shut down temporarily. 
D)Victoria should advertise more in order to increase the demand for plastic vials.

Quizplus · Accepted Answer

The table shows that Victoria's demand curve is downward sloping, which is a characteristic of a short-run market.

Table 13-4 Table 13-4 Lists Estimated Revenues and Costs (Per Week)for Plastic