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

question 322

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

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Definitions:

Process

A series of actions or steps taken to achieve a particular end.

Crest

In anatomy, a crest refers to a prominent ridge or raised surface on the skeleton.

Foramen

An opening or hole in a bone or between body cavities that allows the passage of nerves or blood vessels.

Medullary Cavity

The central cavity of bone shafts where red bone marrow and/or yellow bone marrow (fat) is stored.