A perfectly competitive firm is producing 50 units of output, which it sells at the market price of $23 per unit. The firm's average total cost is $20. What is the firm's total revenue?
A) $23
B) $150
C) $1,000
D) $1,150
E) $20
D
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In oligopoly markets, firms have no perceptible influence on the market price
a. True b. False Indicate whether the statement is true or false
Quantity TC MC 10 10,000 X 20 25,000 The table above shows a firm's total cost and marginal cost for a range of output. What is X equal to?
a. 1500 b. 1000 c. 35,000 d. 1750 e. 15,000
What does a market do poorly?
A. Incentivize individuals to efficiently use society’s resources B. Price labor based actually on marginal productivity C. Promote equal income distribution D. Allocate resources to their highest value uses
In the 1998 case, Microsoft argued that the low price they charged for Windows showed that ______.
a. they were engaged in predatory pricing b. their market power was limited c. they were too big to fail d. their competitors’ prices were discriminatory