Suppose a Firm in a Competitive Market Produces and Sells

question 86

Multiple Choice

Suppose a firm in a competitive market produces and sells 8 units of output and has a marginal revenue of $8.00.What would be the firm's total revenue if it instead produced and sold 4 units of output?

• A) $4
• B) $8
• C) $32
• D) $64

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Definitions:

Intelligence Quotient

A numerical measure of a person's cognitive abilities relative to their age group, typically obtained through standardized tests.

Stanford-Binet Intelligence Scale

A standardized test designed to measure human intelligence and cognitive abilities based on a series of questions and tasks.

Intelligence Quotient

A score derived from standardized tests designed to measure human intelligence and cognitive abilities in relation to an age group.

Intelligence Quotient

A measure of a person's relative cognitive abilities determined through specific standardized tests.