Suppose a Firm in a Competitive Market Produces and Sells

question 146

Multiple Choice

Suppose a firm in a competitive market produces and sells 8 units of output and has a marginal revenue of $8. What would be the firm's total revenue if it instead produced and sold 4 units of output?

• A)$4
• B)$8
• C)$32
• D)$64

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Definitions:

Sampling Error

The error that occurs due to differences between the sample selected for a study and the overall population, which can affect the generalizability of results.

Sampling Judgment

A method of selecting participants or subjects for a study based on the researcher's knowledge and judgement.

Pilot A Survey

A preliminary study conducted to evaluate the feasibility, time, cost, risk, and adverse effects of a research project.

Internet Sampling Frames

Online lists or databases from which a researcher can select participants for a study, ensuring the sample represents a larger population.