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

question 47

Multiple Choice

Table 14-3
The table represents a demand curve faced by a firm in a competitive market.
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$$\begin{array} { | c | c | } \hline \begin{array} { c } \text { Quantity Demanded } \\\text { (Units) }\end{array} & \begin{array} { c } \text { Total Revenue } \\\text { (Dollars) }\end{array} \\\hline 13 & 91 \\\hline 15 & 105 \\\hline 17 & 119 \\\hline 19 & 133 \\\hline 21 & 147 \\\hline\end{array}$$
-Refer to Table 14-3. For this firm, the marginal revenue of the 15th unit is

• A)$1.
• B)$2.
• C)$7.
• D)The marginal revenue cannot be determined without knowing the total revenue when 15 units are sold.

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Definitions:

UCC

Short for Uniform Commercial Code, it is a comprehensive set of laws governing all commercial transactions in the United States.

Collateral

Collateral refers to properties or assets that a borrower offers to a lender as security for a loan or credit, and that can be taken by the lender if the borrower fails to pay back the loan.

Perfection

In the context of secured transactions, perfection refers to the legal process by which a secured party establishes a priority claim against the collateral in the event of debtor default.

UCC

The Uniform Commercial Code (UCC) represents a detailed collection of statutes that regulate all commercial dealings within the United States.