Suppose That Joe Sells Pork in a Purely Competitive Market

question 198

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:

Total Utility

The overall satisfaction or value that a consumer derives from consuming a certain quantity of goods or services.

Indifference Curve

A graph representing a series of combinations of two goods between which a consumer is indifferent, showing the trade-offs a consumer is willing to make between two products.

Total Utility

The complete fulfillment obtained from the consumption of a specified quantity of goods or services.

Indifference Curves

Indifference curves are graphs showing different combinations of goods between which a consumer is indifferent, suggesting equal levels of utility or satisfaction.