When a Competitive Firm Doubles the Quantity of Output It

question 492

Multiple Choice

When a competitive firm doubles the quantity of output it sells, its

• A)total revenue doubles.
• B)average revenue doubles.
• C)marginal revenue doubles.
• D)profits must increase.

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Definitions:

Moral Commitment

An ethical obligation or dedication to carry out actions that are considered right or beneficial to society.

Individualism

Term that entered the language in the 1820s to describe the increasing emphasis on the pursuit of personal advancement and private fulfillment free of outside interference.

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A social class that became prominent in the mid-20th century, characterized by families living in suburban neighborhoods with a moderate to high income.