Suppose a Firm in a Competitive Market Earned $2,000 in Total

question 212

Multiple Choice

Suppose a firm in a competitive market earned $2,000 in total revenue and had a marginal revenue of $20 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)$100 and 20 units
• D)$20 and 100 units

Understand soil composition, types, and how plants affect and are affected by soil properties.

Explain the application and effects of organic and inorganic fertilizers on plant growth and soil health.

Grasp the significance of chemical signaling in plant-microorganism symbioses and its implications for plant health and agriculture.

Understand the principles and benefits of crop rotation in sustainable agriculture.

---

Definitions:

Price p

Represents a reference to a specific, but unspecified, price level in economic models, often used in theoretical contexts.

Inverse Demand Function

A mathematical representation that expresses the price of a good as a function of the quantity demanded, highlighting how price can be influenced by changes in demand.

Demand Function

An equation that illustrates the quantity of an item that will be purchased at various prices, often factoring in influences like consumer income and tastes.

Price Elasticity

Price elasticity measures the responsiveness of demand or supply of a good to changes in its price.