Table 13-1
Table 13-1 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 university and private research laboratories.
-Refer to Table 13-1.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 13-1
  Table 13-1 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 university and private research laboratories.
-Refer to Table 13-1.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 only provides information on estimated revenues and costs per week, which is indicative of short-run market analysis. It is not possible to determine from the table whether Victoria is operating in a monopolistically competitive or perfectly competitive market. There is also no indication that Victoria should shut down temporarily or advertise more to increase demand.

Table 13-1 Table 13-1 Lists Estimated Revenues and Costs (Per