The Accompanying Table Applies to a Purely Competitive Industry Composed

question 132

Multiple Choice

The accompanying table applies to a purely competitive industry composed of 100 identical firms. For each of the 100 firms in this industry, marginal revenue and total revenue will be

• A)$4 and $400, respectively.
• B)$3 and $30,000, respectively.
• C)$4 and $20,000, respectively.
• D)$3 and $18,000, respectively.

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Definitions:

Nouns

Words that name people, places, things, or ideas.

Verbs

Words that describe actions, states, or occurrences and form the main part of the predicate of a sentence.

Prototype Theory

A theory in cognitive science that suggests concepts or category judgments are made by comparing new stimuli to the "best example" or prototype of that category.

Family Resemblance

The physical or behavioral similarities observed among members of the same family, attributing to shared genetics and environment.