Given the information in the table shown, what is the total revenue when 23 units are produced?
This table shows price and quantity produced for a single firm in a perfectly competitive market.
A. $230
B. $10
C. $23
D. $2.30
A. $230
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Assuming a homogeneous product, the Bertrand equilibrium price is
A) independent of the number of firms. B) independent of the firm's marginal costs. C) equal to the Cournot equilibrium price. D) equal to the monopoly price.
Which of the following is a characteristic of a pure command economy?
a. all resources are privately owned b. economic activity is coordinated by the price system c. competitive markets guide resources to their highest-valued uses d. centralized economic planning is used to answer the basic economic questions e. economic choices are voluntary and are based on rational self-interest
A removal or depletion tax on an open-access resource increases the marginal private cost of using the resource by
a. zero b. the amount of the tax c. the marginal product of the resource d. the average private cost of using the resource e. the average social cost of using the resource
If the U.S. dollar price of the New Zealand dollar (NZD) is $0.5709, then the NZD price of one U.S. dollar will be:
a. 1.5709 NZD. b. 1.75 NZD. c. 1.6711 NZD. d. 0.5709 NZD. e. 1.75 NZD.