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Question
Table 13-4| Quantity Sold | Price | Total Revenue | Marginal Revenue | Total Cost | Marginal Cost | Profit |
| 0 | $10 | $0 | ----- | $2 | ----- | -$2 |
| 1 | 9 | 9 | 8 | |||
| 2 | 8 | 16 | 13 | |||
| 3 | 7 | 21 | 17 | |||
| 4 | 6 | 24 | 20 | |||
| 5 | 5 | 25 | 22 | |||
| 6 | 4 | 24 | 26 |
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 university 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.
Answer
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A) a only
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D) all of the above