This table shows the total costs for various levels of output for a firm operating in a perfectly competitive market.PriceQuantityTC$500$10.00$501$20.00$502$27.50$503$77.50$504$147.50$505$250.00According to the table shown, the firm's marginal revenue:
A. decreases as output increases.
B. increases until the 3rd unit, then decreases.
C. increases as output increases.
D. is constant.
Answer: D
You might also like to view...
Present and explain the Fundamental Equation of the Monetary Approach
What will be an ideal response?
The above figure shows a payoff matrix for two firms, A and B, that must choose between selling basic computers or advanced computers. Which of the following is a Nash equilibrium?
A) Both firms make advanced computers. B) Both firms make basic computers. C) Firm A makes basic computers and firm B makes advanced computers. D) There are no Nash equilibria.
Which of the following best represents the law of demand?
A) As the price of a good decreases, the demand for the good increases. B) As the price of a good increases, the quantity demanded of that good decreases. C) As the demand for a good increases, the price of that good increases. D) As the price of a good decreases, the demand curve for that good shifts to the right.
Studies by the World Bank have underscored the successes of countries that have adopted trade liberalization policies
a. True b. False