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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