QUESTION 6 Table of a perfectly comptetitive firm COSTS Quantity Total Produced Cost 0 1 2 3 4 50 6 7 8 SO $50 $102 $157 $217 $285 $365 $462 $582 Marginal Cost REVENUES Quantity Demanded Price $80 $80 0 1 2 4 5 6 7 8 $80 $80 $80 $80 $80 $80 $80 Total Revenue Refer to Table. What will be the average revenue for this firm when they sell 4 units? O a. $400 O b. So O c. 580 O d. $68 Marginal Revenue QUESTION 7 A perfectly competitive firm produces where O a marginal cost equals price, while a monopolist produces where price exceeds marginal cost O b.price exceeds marginal cost, while a monopolist produces where marginal cost equals price. Oc. marginal cost exceeds price, while a monopolist produces where marginal cost equals price. O d.marginal cost equals price, while a monopolist produces where marginal cost exceeds price. 4

QUESTION 6 Table of a perfectly comptetitive firm COSTS Quantity Total Produced Cost 0 1 2 3 4 50 6 7 8 SO $50 $102 $157 $217 $285 $365 $462 $582 Marginal Cost REVENUES Quantity Demanded Price $80 $80 0 1 2 4 5 6 7 8 $80 $80 $80 $80 $80 $80 $80 Total Revenue Refer to Table. What will be the average revenue for this firm when they sell 4 units? O a. $400 O b. So O c. 580 O d. $68 Marginal Revenue QUESTION 7 A perfectly competitive firm produces where O a marginal cost equals price, while a monopolist produces where price exceeds marginal cost O b.price exceeds marginal cost, while a monopolist produces where marginal cost equals price. Oc. marginal cost exceeds price, while a monopolist produces where marginal cost equals price. O d.marginal cost equals price, while a monopolist produces where marginal cost exceeds price. 4

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 13CTQ: Think back to a purchase that you made recently. How would you describe your thinking before you...

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