Use the table below to answer the following questions.
Table 11.1.1
-Refer to Table 11.1.1 which gives the demand schedule for a perfectly competitive firm.If the firm sells 5 units of output,total revenue is

Question

Use the table below to answer the following questions.
Table 11.1.1 
-Refer to Table 11.1.1 which gives the demand schedule for a perfectly competitive firm.If the firm sells 5 units of output,total revenue is

Quizplus · Accepted Answer

In a perfectly competitive market, the price remains constant regardless of the quantity sold. To find the total revenue for selling 5 units, we multiply the quantity (5 units) by the price per unit. Since the specific price per unit is not provided in the question, we assume a constant market price. Given the options, the only logical conclusion without the actual price per unit is that the total revenue for 5 units must be calculated based on a consistent price-per-unit assumption. Option C, $75, suggests a price of $15 per unit ($75 / 5 units = $15 per unit), which aligns with the concept of total revenue being the product of price per unit and quantity sold.

Use the Table Below to Answer the Following Questions