Suppose That in a Competitive Market the Equilibrium Price Is

question 365

Multiple Choice

Suppose that in a competitive market the equilibrium price is $2.50. What is marginal revenue for the last unit sold by the typical firm in this market?

• A)less than $2.50
• B)more than $2.50
• C)exactly $2.50
• D)The marginal revenue cannot be determined without knowing the actual quantity sold by the typical firm.

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Definitions:

Transcription

The method through which data from a DNA strand is replicated into a new molecule of messenger RNA (mRNA), starting the production of proteins.

Lysogenic Conversion

The change in properties of bacteria that results from the presence of a prophage.

Prophage

Bacteriophage nucleic acid inserted into the bacterial DNA.

Transducing

refers to the process by which signals are converted from one form to another, such as converting physical signals into biochemical signals in the body.