-Refer to the Above Table

question 6

Multiple Choice

-Refer to the above table. This firm operates in a perfectly competitive market in which the market price is $10/unit. What is true when the firm produces 103 units?

• A) Total revenue equals $5,060.
• B) Total costs exceed total revenue by $403.
• C) Marginal revenue is less than marginal cost.
• D) Its total profit is $524.

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Definitions:

Plant Sizes

The physical capacity or scale of a manufacturing facility, which can influence production volume, efficiency, and cost.

Per-unit Cost

The cost associated with producing or acquiring one unit of a product.

Factory Size

The physical dimensions or capacity of a manufacturing facility, which may influence its output, efficiency, and employment levels.

Average Costs

The total cost of production divided by the number of goods produced, used to calculate the cost on a per-unit basis.