Consider a Firm That Operates in a Perfectly Competitive Market

question 597

Multiple Choice

Consider a firm that operates in a perfectly competitive market. Currently the firm is producing 50 units of output and at that output level, marginal revenue is $6. Suppose that the firm increases output by 50%. Total revenue will be

• A)​$300.
• B)​$450.
• C)​$600.
• D)​the same since price will fall by 50%.

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Definitions:

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A highly contagious bacterial skin infection characterized by red sores, mainly affecting children.