You sell your good in a perfectly competitive market where the market price is $33.00. When you sell 100 units your total revenue is $3,300. When you sell 101 units:
A. total revenue increases by less than $33.
B. total revenue increases by exactly $33.
C. total revenue increases by more than $33.
D. total revenue may increase or decrease.
Answer: B
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When the Blue Ocean Surfboard Company lowered the price of surfboards by 20%, it sold 10% more surfboards. The price elasticity of demand for surfboards is: a. 2
b. 1/2. c. 1. d. 20.
Full employment
a. exists when everyone in the economy has a job b. exists when everyone who wants a job has one c. exists when the unemployment rate is zero d. exists when everyone in the labor force has a job e. will always include some unemployment
A government agricultural policy that sets a limit on the quantity of a product that a farmer is allowed to bring to market is the
A) marketing quota system. B) acreage allotment program. C) price support program. D) target price system. E) paying farmers not to produce system.
The government is most involved in economic decisions in a country with a ______ economy.
a. mixed b. command c. market d. traditional