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:

Psilocybin

A naturally occurring psychedelic compound produced by certain species of mushrooms, known for its ability to induce profound changes in consciousness, perception, and mood.

Mescaline

A hallucinogenic compound derived from the peyote cactus used primarily in religious and healing ceremonies.

Heroin

An opioid drug made from morphine, a natural substance taken from the seed pod of various opium poppy plants, known for its potent addictive properties and high risk of overdose.

Drug-Centered Lifestyle

A way of life that revolves around the procurement and use of drugs, often leading to social, legal, and health problems.