Refer to the table below. In this instance, you can tell this firm is operating

Question

Refer to the table below. In this instance, you can tell this firm is operating in a perfectly competitive market by the fact that its:

Q

P

TR

MR

TC

MC

0

$30

0

-

$15

-

1

$30

$30

$30

$25

$10

2

$30

$60

$30

$40

$15

3

$30

$90

$30

$60

$20

4

$30

$120

$30

$85

$25

5

$30

$150

$30

$115

$30

6

$30

$180

$30

$150

$35

total cost is increasing.

economic profits are zero.

marginal cost is increasing.

marginal revenue is constant.

Q

P

TR

MR

TC

MC

0

$30

0

-

$15

-

1

$30

$30

$30

$25

$10

2

$30

$60

$30

$40

$15

3

$30

$90

$30

$60

$20

4

$30

$120

$30

$85

$25

5

$30

$150

$30

$115

$30

6

$30

$180

$30

$150

$35

Explanation / Answer

marginal revenue is constant.

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