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:

Methylation

The chemical process of adding a methyl group to a molecule, often resulting in changes to the molecule's physical properties or biological activity.

Carboxylic Acid

Organic compounds characterized by a carboxyl group, commonly involved in acid-base reactions and synthesis.

Diazomethane

A highly reactive organic compound with the formula CH2N2, used especially in chemical synthesis as a methylating agent.

Mechanism

A detailed sequence of steps explaining how reactants are transformed into products in a chemical reaction.