The Total Revenue of a Purely Competitive Firm from Selling

question 11

Multiple Choice

The total revenue of a purely competitive firm from selling 6 units of output is $48. Based on this information, total revenue for 7 units of output must be

• A)$56.
• B)$54.
• C)$55.
• D)$336.

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Definitions:

Restricting Payment

Implies conditions or limitations placed on the distribution or release of funds.

Special Indorsement

A signature on a negotiable instrument, such as a check, that specifies the person to whom the instrument is to be payable, thereby restricting further transfer.

Pay to the Order

A phrase written on checks or drafts instructing the financial institution to pay the specified amount to the individual or entity named.

Trust

A fiduciary relationship in which one party, known as the trustee, holds property on behalf of another party, known as the beneficiary.