Asked by
Janajha Mattox
on Oct 27, 2024
Verified
If a perfectly competitive firm increases production from 10 units to 11 units and the market price is $20 per unit,total revenue for 11 units is:
A) $10.
B) $20.
C) $200.
D) $220.
Total Revenue
The entire amount of income generated by the sale of goods or services by a firm.
Market Price
The prevailing rate at which a product or service is available for purchase or sale in a market driven by competition.
- Gain insight into the method used by businesses in perfectly competitive environments to set their output quantity and pricing.
Verified Answer
DS
Learning Objectives
- Gain insight into the method used by businesses in perfectly competitive environments to set their output quantity and pricing.