Suppose a Firm in a Competitive Market Received $1,000 in Total

question 3

Multiple Choice

Suppose a firm in a competitive market received $1,000 in total revenue and had a marginal revenue of $10 for the last unit produced and sold.What is the average revenue per unit,and how many units were sold?

• A)$5 and 50
• B)$5 and 100
• C)$10 and 50
• D)$10 and 100

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Definitions:

Exchange

The act of giving one thing and receiving another, especially of a similar value, in return or trade.

Inspirational Appeals

Persuasive efforts aimed at motivating others through emotional or motivational stimuli, often tapping into their values and beliefs.

Assertiveness

The quality of being self-assured and confident without being aggressive, effectively communicating one's needs and desires.

Personal Appeals

Requests or suggestions that are based on personal relationships or friendships rather than on formal authority or logic.