3 years ago

Suppose a firm’s total revenue is $100 when it sells 10 units, and $110 when it sells 11 units. The firm, therefore, is a(n):

Business

1 answer:

Andru [333]3 years ago

3 0

Answer:

perfect competitor

Explanation:

Given:

Firm's total revenue when 10 units are sold = $100

Firm's total revenue when 11 units are sold = $110

Average Revenue = $\frac{\textup{Total revenue}}{\textup{Total units sold}}$

Average Revenue = $\frac{100}{10}$ = $10

and,

the marginal revenue = $110 - $100 = $10

Since,

the average revenue and the marginal revenue for the firm is equal,

therefore, the is a perfect competitor

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