7 62 10.00 8.00 8 8 64 9.00 7.00 9 9 67 8.00 6.10 10 10 72 7.00 5.00 11 11 79 6.00 4.15 12 12 86 Suppose that entry into this industry changes
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Answer the question on the basis of the following demand and cost data for a specific firm.
|
Demand Data |
Cost Data |
|||
|
(1) Price |
(2) Price |
(3) Quantity |
Output |
Total Cost |
|
$12.00 |
10.00 |
6 |
6 |
$61 |
|
11.00 |
8.85 |
7 |
7 |
62 |
|
10.00 |
8.00 |
8 |
8 |
64 |
|
9.00 |
7.00 |
9 |
9 |
67 |
|
8.00 |
6.10 |
10 |
10 |
72 |
|
7.00 |
5.00 |
11 |
11 |
79 |
|
6.00 |
4.15 |
12 |
12 |
86 |
Suppose that entry into this industry changes this firm's demand schedule from columns (1) and (3) to columns (2) and (3). We can conclude that this industry is
A)
B) A pure
C) a constant cost industry
D) purely competitive
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