Suppose a Firm in a Competitive Market Earned $1,000 in Total

question 385

Multiple Choice

Suppose a firm in a competitive market earned $1,000 in total revenue and had a marginal revenue of $10 for the last unit produced and sold. What is the average revenue per unit, and how many units were sold?

• A)$5 and 50 units
• B)$5 and 100 units
• C)$10 and 50 units
• D)$10 and 100 units

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Definitions:

Law Schools

Educational institutions specializing in legal studies and preparing individuals for a career in law.

F-Test

A statistical test used to compare the variances of two populations, based on sample data from those populations.

ANOVA

Analysis of Variance, a statistical method used to test differences between two or more means.

Studentized Range Statistic

A statistic used in multiple comparisons to account for the range among sample means, adjusted for sample size.