A Perfectly Competitive Firm Is Producing 50 Units of Output,which

question 73

Multiple Choice

A perfectly competitive firm is producing 50 units of output,which it sells at the market price of $23 per unit.The firm's average total cost is $20.What is the firm's total revenue?

• A) $23
• B) $150
• C) $1,000
• D) $1,150
• E) $20

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Definitions:

Vital Capacity

The maximum amount of air a person can expel from the lungs after a maximum inhalation, used to assess the health of respiratory systems.

Tidal Volume

The volume of air moved into or out of the lungs during a normal breath.

Inspiratory Reserve Volume

The additional air that can be forcibly inhaled after the inspiration of a normal tidal volume, reflecting lung capacity.

Expiratory Reserve Volume

The additional amount of air that can be forcibly exhaled after the completion of a normal, quiet expiration.