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Mumz [18]
3 years ago
8

Suppose that a firm operating in perfectly competitive market sells 200 units of output at a price of $3 each. Which of the foll

owing statements is correct? (i) Marginal revenue equals $3. (ii) Average revenue equals $600. (iii) Average revenue exceeds marginal revenue, but we don’t know by how much.
Business
1 answer:
miv72 [106K]3 years ago
4 0

Answer:

The correct answer is option i.

Explanation:

A firm is operating in a perfectly competitive market.  

The firm is selling 200 units of output.  

The price of each unit of output is $3.  

In a perfectly competitive market, a single firm faces a horizontal line demand curve. This horizontal line represents demand, price line, average revenue, and marginal revenue.  

So if the price is $3, it implies that the marginal revenue and average revenue is also equal to $3.  

The total revenue is $600.

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Answer:

The correct answer is letter "A": Level 2 - Enhanced Steady-State.

Explanation:

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3 years ago
Complete the following table by selecting the term that matches each definition on the left.
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Answer:

The correct answers are the following:

1 - C

2 - B

3 - D

4 - A

Explanation:

1 - C: The market labor demand curve is represented graphically by the relationship between the wage rate and the quantity of labor firms are willing to hire in a market due to the fact that the firms are the ones who are looking for workers and therefore they demand it.

2 - B: The market labor supply curve is represented graphically by the relationship between the wage rate and the quantity of labor that the workers are willing to provide due to the fact that they are the one who put their work in the market in order to be used.

3 - D: The marginal product of labor represents the increase in the amount of output from an additional unit of labor that an additional worker puts in the firm.

4 - A: The value of the marginal product of labor comprehends the additional revenue the firm receives from selling the output produced from and additional unit of labor that an additional worker put in the firm.

8 0
3 years ago
To measure the strength of a currency, you can
ZanzabumX [31]
C. Foreign

The face value of a currency compared to its purchasing power against other (inter)national currencies determines the currency’s strength
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4. Which of the following is a liability?
zlopas [31]

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Maybe C.

Explanation:

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False

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