The Following Table Applies to a Purely Competitive Industry Composed

question 47

Multiple Choice

The following table applies to a purely competitive industry composed of 100 identical firms. $\begin{array}{lcl}Quantity&&Quantity\\Demanded &Price &Supplied\\\hline400,000 & \$ 5 & 800,000 \\500,000 & 4 & 700,000 \\600,000 & 3 & 600,000 \\700,000 & 2 & 500,000 \\800,000 & 1 & 400,000\end{array}$ Refer to the table.For each of the 100 firms in this industry,marginal revenue and total revenue will be:

• A) $4 and $400,respectively.
• B) $3 and $30,000,respectively.
• C) $4 and $20,000,respectively.
• D) $3 and $18,000,respectively.

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Definitions:

Direct Format

A communication approach where the main idea or message is presented at the beginning, followed by supporting details.

Apology

An expression of regret or sorrow for having wronged someone, often accompanied by an admission of fault or a promise of amendment.

Effective Buffer

A strategy or element used to soften the impact of negative news or information.

Negative News

Informational content that conveys unfavorable, disturbing, or pessimistic messages, often impacting public perception or mood.