Table 14-3 The Table Represents a Demand Curve Faced by a Firm

question 543

Multiple Choice

Table 14-3
The table represents a demand curve faced by a firm in a competitive market.
-Refer to Table 14-3. For this firm, the marginal revenue is

• A)$39.
• B)$26.
• C)$13.
• D)$0.

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Definitions:

Industry's Demand

The total demand for all the products or services provided by a specific sector of the economy.

Marginal Decision Rule

A principle used in economics and decision-making that recommends comparing the additional benefits of a decision or action to its additional costs.

Downward Sloping

Characteristic of a graph indicating that as one variable increases, the other variable decreases, common in demand curves.

Demand

The quantity of a particular good or service that consumers are willing and able to purchase at various prices.