Consider the Price and Quantity Data Below for a Perfectly

question 52

Multiple Choice

Consider the price and quantity data below for a perfectly competitive firm producing mousetraps.
TABLE 9-1
-Refer to Table 9-1.If this firm is producing 1250 mousetraps,its total revenue is ________,its average revenue is ________ and its marginal revenue is ________.

• A)$5; $5; $5
• B)$6250; $250; $5
• C)$1750; $250; $5
• D)$5000; $5; $250
• E)$6250; $5; $5

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Definitions:

Incidence

The measure of the distribution of tax or subsidy burden amongst individuals or groups in an economy.

Imposed

Something that is enforced or applied by authority, often referring to laws, taxes, or penalties.

State Lotteries

Government-run games of chance that involve purchasing tickets to win monetary prizes, often with the aim of raising funds for public projects.

Arguments

In economics, this often refers to the presentation and examination of reasons or explanations in support of or against economic theories, policies, or practices.