If a Firm Is Willing to Supply the 1,000th Unit

question 87

Multiple Choice

If a firm is willing to supply the 1,000th unit of a good at a price of $23 or more, we know that $23 is the

• A) average price of all the prices the seller could charge.
• B) highest price the seller hopes to realise for this output.
• C) price that sets the marginal benefit equal to the price.
• D) minimum price the seller must receive to produce this unit.
• E) only price for which the seller is willing to sell this unit of the good.

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Definitions:

Income

The financial gain or money received by an individual or entity, typically through wages, investments, or sales.

Economic Organization

The structured and systematic arrangement of economic activities and resource allocations within a society or among participants in the economy.

Private Ownership

The legal possession of property by non-governmental entities or individuals, allowing control over its use and the benefits it generates.

Capitalism

An economic system in which productive resources are owned privately and goods and resources are allocated through market prices.