The accompanying table applies to a purely competitive industry composed of 100 identical firms. For each of the 100 firms in this industry, marginal revenue and total revenue will be
A)$4 and $400, respectively.
B)$3 and $30,000, respectively.
C)$4 and $20,000, respectively.
D)$3 and $18,000, respectively.

Question

The accompanying table applies to a purely competitive industry composed of 100 identical firms. For each of the 100 firms in this industry, marginal revenue and total revenue will be
A)$4 and $400, respectively. 
B)$3 and $30,000, respectively. 
C)$4 and $20,000, respectively. 
D)$3 and $18,000, respectively.

Quizplus · Accepted Answer

The Answer of  The accompanying table applies to a purely competitive industry composed of 100 identical firms. For each of the 100 firms in this industry, marginal revenue and total revenue will be
A)$4 and $400, respectively. 
B)$3 and $30,000, respectively. 
C)$4 and $20,000, respectively. 
D)$3 and $18,000, respectively.

The Accompanying Table Applies to a Purely Competitive Industry Composed