Suppose a firm in a competitive market earned $1,000 in total revenue and had a marginal revenue of $10 for the last unit produced and sold. What is the average revenue per unit, and how many units were sold?
A) $5 and 50 units
B) $5 and 100 units
C) $10 and 50 units
D) $10 and 100 units
Correct Answer:
Verified
Q147: Which of the following statements is correct?
A)For
Q509: Table 14-6
The following table presents cost and
Q510: For a competitive firm,
A)total revenue equals average
Q511: Table 14-3
The table represents a demand curve
Q512: Table 14-6
The following table presents cost and
Q515: Table 14-5
The table represents a demand curve
Q516: Suppose a firm in a competitive market
Q517: Which of the following statements regarding a
Q518: Table 14-4
The table represents a demand curve
Q519: Table 14-5
The table represents a demand curve
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