Consider the following table:

$\begin{array} { | l | l | l | l | l | l | l | l | }
\hline \text { Employment } & 0 & 1 & 2 & 3 & 4 & 5 & 6 \
\hline \text { Total Product } & 0 & 12 & 22 & 30 & 36 & 40 & 42 \
\hline \text { Product Price } ( \$ ) & 3 & 3 & 3 & 3 & 3 & 3 & 3 \
\hline
\end{array}$
-On the basis of this data,we can say that the business is:
A)selling its product in a perfectly competitive market
B)selling its product in an imperfectly competitive market
C)hiring workers in a perfectly competitive market
D)hiring workers in an imperfectly competitive market
E)hiring its workers in a monopolistic market

Question

Consider the following table:

$\begin{array} { | l | l | l | l | l | l | l | l | } 
\hline \text { Employment } & 0 & 1 & 2 & 3 & 4 & 5 & 6 \
\hline \text { Total Product } & 0 & 12 & 22 & 30 & 36 & 40 & 42 \
\hline \text { Product Price } ( \$ ) & 3 & 3 & 3 & 3 & 3 & 3 & 3 \
\hline
\end{array}$
-On the basis of this data,we can say that the business is:
A)selling its product in a perfectly competitive market
B)selling its product in an imperfectly competitive market
C)hiring workers in a perfectly competitive market
D)hiring workers in an imperfectly competitive market
E)hiring its workers in a monopolistic market

Quizplus · Accepted Answer

The business is selling its product in a perfectly competitive market because the price of the product is constant at $3, regardless of the quantity produced. This means that the business is a price taker and cannot influence the price of its product.

Consider the Following Table -On the Basis of This Data,we Can Say That the |