The Total Revenue of a Purely Competitive Firm from Selling

question 96

Multiple Choice

The total revenue of a purely competitive firm from selling 6 units of output is $48. Based on this information, the unit price of the output must be

• A)$8.
• B)$42.
• C)$288.
• D)$54.

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Definitions:

Constitution

The system of fundamental laws and principles that outlines the structure and powers of a government and the rights of its people, serving as the supreme legal authority.

Representative Democracy

A form of government where citizens elect officials to represent them in legislative and policy-making responsibilities.

Popular Sovereignty

The concept that the legitimacy and rule of a government is grounded in and maintained by the agreement of the population, through representatives they elect.

Federalists

Members or supporters of the first American political party, which favored a strong central government and the ratification of the U.S. Constitution.