A fiRm Produces One Unit of a Good at a Cost

question 79

True/False

A firm produces one unit of a good at a cost of £2. It sells 300 units of the good in the market at a price of £3 each. The firm's total revenue is equal to £600.

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Definitions:

Saltwater

Water that contains a significant concentration of dissolved salts, typically found in the ocean.

Extant Cetacean

Refers to currently living species of the Cetacea order, which includes whales, dolphins, and porpoises.

Ancestral Past

Pertains to the history, experiences, and genetic background of an organism's predecessors, which contribute to its present characteristics and behaviors.

Anatomy

The scientific study of the structure of living things, including their systems, organs, and tissues.