If the price of a good produced by a competitive firm increases, then the total revenue of the firm will decrease with the decrease in the quantity sold.
<h3>What is the effect of increase the price under the competitive firm?</h3>
The perfect competitive firm is defined as the competitive firm, means there are many firms present in the industry that sell same commodity at same price.
If any firm increases the prices of their product in the market, its revenue also decreases as the another firms sell the same product at the same price. As a result of that, the total revenue of the firm will increase.
Therefore, the If the price of a good produced by a competitive firm rises, the total revenue of the firm will fall as the quantity sold decreases.
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Answer: Utilitarian value
Explanation:
A product or service is said to have Utilitarian value if a consumer uses it to solve a problem or settle a need being faced. The pedal Sam bought from the All things sport local shop, has Utilitarian value as he used it to fix his bicycle.
The amount of sin tax that will be paid by all of the mentioned parties will depend per country. In fact, in the US, sin tax may even differ per state so the price of consumers and producers will already factor in the percentage of sin tax that they will pay. As to why it will most likely not reduce the consumption, this is because these vices are generally addictive and already serve as habits for some people. Because of this, people will most likely not decrease their consumption significantly since they continuously look for it. In fact, they will be willing to pay more to get it.
Knowing your plan of attack
D,
We don’t even know whether Lisa likes coffee or not.
If she does like coffee, and it is a normal good, the consumption would ineluctably increase.