Multiple Choice
Total revenue for a perfectly competitive firm producing six units of output is $48. Total revenue for producing eight units of output is $64. Given this information, the:
A) firm should raise its price.
B) average revenue for producing eight units is $16.
C) marginal revenue for producing the eighth unit is $16.
D) marginal revenue for producing the eighth unit is $8.
Correct Answer:
Verified
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