Suppose That Joe Sells Pork in a Purely Competitive Market

question 324

Multiple Choice

Suppose that Joe sells pork in a purely competitive market. The market price of pork is $3 per pound. Joe's marginal revenue from selling the 12th pound of pork would be

• A)$3.
• B)$36.
• C)12 lbs.
• D)$12.

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Definitions:

Provide Direction

The act of giving guidance, instructions, or orders to lead or guide someone towards a particular course of action or objective.

Give Feedback

The process of offering positive or constructive comments regarding someone's work or performance.

Eye Contact

The act of looking directly into another person's eyes, which can be a sign of confidence, interest, or social communication but may vary in interpretation across cultures.

Moderate

To lessen the extremity of something, making it less severe, violent, or intense, or to act as an intermediator in a dispute.