Table 14-2 The Table Represents a Demand Curve Faced by a Firm

question 388

Multiple Choice

Table 14-2
The table represents a demand curve faced by a firm in a competitive market.
-Refer to Table 14-2. For this firm, the average revenue from selling 3 units is

• A)$12.
• B)$4.
• C)$3.
• D)$1.

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Definitions:

Clause

A specific provision or section within a legal document that relates to a particular point or issue.

Strict Liability in Tort

A legal principle holding a party responsible for damages or losses without the need to prove negligence or fault.

Business of Selling

The commercial activity of selling goods or services to customers for a profit.

Defective Product

A consumer item that is not safe for its intended use due to design, manufacturing, or labeling issues, potentially leading to liability for damages.