If a firm in a perfectly competitive market faces a market price of $4, and it decides to produce 700 units, the firm's average revenue will be:
A. $4.
B. $2,800.
C. $175.
D. $700.
A. $4.
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Krystal runs a nail salon and needs to decide how many hours to stay open. Table 2.2 illustrates her marginal costs of staying open for each additional hour. Suppose that Krystal's marginal benefit of staying open per hour is $18
If she is following the marginal principle, how many hours should Krystal stay open? A) 3 hours B) 4 hours C) 6 hours D) 7 hours
George and Michael can gain from exchange
A) unless one has an absolute advantage in all goods. B) if each specializes in the production of the good for which he has the higher opportunity cost. C) if each specializes in the production of the good for which he has the lower opportunity cost. D) unless they have different opportunity costs.
In 2009, we ran a ________ on our current account and a _______ on our capital account.
A. deficit; deficit B. surplus; surplus C. deficit; surplus D. surplus; deficit
There are ________ Americans in local, state, and federal prisons and jails.
A. 200,000 B. 10,000,000 C. 100,000,000 D. 2,300,000