A Firm Sells 20 Units of a Good at a Price

question 174

Multiple Choice

A firm sells 20 units of a good at a price of $5 per unit.If the average cost of production of the good equals $3 per unit,the firm's revenue is ________.

• A) $40
• B) $60
• C) $100
• D) $120

Understand the functions of prices in a market system.

Grasp the core observations made by classical economists about market behavior.

Evaluate the effects of supply and demand changes on market outcomes.

Understand the role and function of market prices under competitive conditions.

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Definitions:

Not Synonymous

The term "not synonymous" indicates that two or more terms or phrases do not have the same meaning or connotation.

Marketing Mix

A set of actions, or tactics, that a company uses to promote its brand or product in the market, traditionally defined by the 4Ps: product, price, place, and promotion.

Three Components

A generic term that could refer to the essential parts, aspects, or stages of a process, system, or model, depending on the specific context.

Professional Sales Force

A team of trained and experienced sales individuals who work to achieve the sales targets of a company using various selling techniques and skills.