You sell your good in a perfectly competitive market where the market price is $7.00. When you sell 100 units your total revenue is $700. When you sell 101 units:

A. total revenue increases by less than $7.
B. total revenue increases by exactly $7.
C. total revenue increases by more than $7.
D. total revenue may increase or decrease.


Answer: B

Economics

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Answer the following statement true (T) or false (F)

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What does it mean for a firm to be a price taker in the labor market?

What will be an ideal response?

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Knowing that the demand for wheat is inelastic, if all farmers voluntarily did not plant wheat on 10 percent of their land, then

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Of the following countries, which country's government collects the largest amount of tax revenue as a percentage of that country's total income?

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Economics