This Table Shows the Total Costs for Various Levels of Output

question 34

Multiple Choice

This table shows the total costs for various levels of output for a firm operating in a perfectly competitive market.
According to the table shown,what is the firm's marginal revenue from the 3^rd unit produced?

• A)$50
• B)$90
• C)$150
• D)$60

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Definitions:

High-Opportunity Cost

A situation where choosing one option results in the loss of the potential gain from other alternatives.

Low-Opportunity Cost

Refers to a situation where choosing one option results in the smallest possible sacrifice in terms of the value of the next best alternative.

Appreciates

When the value of an asset or currency increases in value in comparison to another currency or benchmark.

Non-Free Trade

Trade practices where governments impose tariffs, quotas, or regulations to restrict the free flow of goods and services between countries.