Table 14-3 -Refer to Table 14-3.For a Firm Operating in a Competitive

question 260

Multiple Choice

Table 14-3

-Refer to Table 14-3.For a firm operating in a competitive market,the average revenue is

• A) $21.
• B) $14.
• C) $7.
• D) $0.

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Definitions:

Goods

Tangible items that are produced or manufactured and can be bought, sold, or traded.

Services

Intangible products that are produced and consumed at the same time, offering value without transferring ownership.

Free Trade

International trade left to its natural course without tariffs, quotas, or other restrictions.

NAFTA

The North American Free Trade Agreement, a treaty between Canada, Mexico, and the United States that removed tariff barriers between the nations.