Suppose a Firm in a Competitive Market Produces and Sells

question 272

Multiple Choice

Suppose a firm in a competitive market produces and sells 150 units of output and earns $1,800 in total revenue from the sales. If the firm increases its output to 200 units, total revenue will be

• A)$2,000.
• B)$2,400.
• C)$4,200.
• D)We do not have enough information to answer the question.

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Definitions:

U.S. Citizens

Individuals who are legally recognized as members of the United States, either by birth or naturalization, and are entitled to rights and privileges under the U.S. Constitution.

Nineteenth Century

The period of time from 1801 to 1900, noted for rapid technological, scientific, and cultural developments as well as significant social and political changes.

Wounded Knee

The site of an 1890 massacre where the U.S. Cavalry killed over 150 Lakota Sioux, many of whom were women and children, marking a tragic end to the American Indian Wars.

Massacre

An event involving the deliberate and violent killing of a large number of people.