Suppose That a Firm Is Collecting $100 in Total Revenue

question 90

Multiple Choice

Suppose that a firm is collecting $100 in total revenue when it sells 10 units and $99 in total revenue when it sells 11 units.The firm is a(n)

• A) pure monopolist.
• B) oligopolist.
• C) perfect competitor.
• D) imperfect competitor.
• E) monopolistic competitor.

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Definitions:

Acceptor

A drawee of a draft who has promised to honor the draft as presented by signing it on its face.

Draft

A written order by which the party creating it orders another party to pay money to a third party. Also called bill of exchange.

Instrument

A formal legal document that serves as evidence of a fact, act, or obligation, such as a deed, will, or contract.

Insane

A term describing severe mental illness or insanity, legally signifying inability to understand or control one's actions.