When a Firm in a Competitive Market Receives $8000 in Total

question 42

Multiple Choice

When a firm in a competitive market receives $8000 in total revenue,it has a marginal revenue of $20.What is the average revenue,and how many units were sold

• A)$5 and 1000 units
• B)$10 and 500 units
• C)$20 and 100 units
• D)$20 and 400 units

Know how to effectively integrate visuals into written or oral presentations to enhance understanding and retention.

Understand how to choose visuals that align with the message or story being communicated.

Identify the role of time and comparison in visual data displays.

Appreciate the significance of source citation for data used in visuals.

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Definitions:

Equation

A mathematical statement that asserts the equality of two expressions, typically involving variables and constants.

Total Revenue

The overall amount of money generated by a business from its sales activities before any costs or expenses are deducted.

Price

The financial outlay presumed, obligatory, or given in payment for an object.

Demand Function

A mathematical expression showing the relationship between the quantity demanded of a good and various factors that affect this quantity, such as price, income, and prices of related goods.