Table 12-3 Arnie Sells Basketballs in a Perfectly Competitive Market. Table 12-3

Multiple Choice

Table 12-3

Arnie sells basketballs in a perfectly competitive market. Table 12-3 summarizes Arnie's output per day (Q) , total cost (TC) , average total cost (ATC) and marginal cost (MC) .
-Refer to Table 12-3.What price (P) will Arnie charge and how much profit will he earn if the market price of basketballs is $12.50?

A) Price and profit cannot be determined from the information given.
B) P = $12.50; profit = $52.50
C) P = $12.50; profit = $22.50
D) P = $20; profit = $75.00.