Suppose a Firm in a Competitive Market Produces and Sells

question 272

Multiple Choice

Suppose a firm in a competitive market produces and sells 150 units of output and earns $1,800 in total revenue from the sales. If the firm increases its output to 200 units, total revenue will be

• A)$2,000.
• B)$2,400.
• C)$4,200.
• D)We do not have enough information to answer the question.

Understanding the role of world price in determining market outcomes under free trade.

Differentiating between importing and exporting countries based on domestic and world prices.

Recognizing the benefits of international trade.

Understanding arguments for and against trade restrictions.

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