13. Refer to Exhibit 23-1. The dollar amounts that go in blanks (A) and (B) are,
ID: 1202448 • Letter: 1
Question
13. Refer to Exhibit 23-1. The dollar amounts that go in blanks (A) and (B) are, respectively,
a.
$1 and $12.
b.
$12 and $12.
c.
$8.42 and $8.50.
d.
$12 and $6.
14. Refer to Exhibit 23-1. The dollar amounts that go in blanks (C) and (D) are, respectively,
a.
$1 and $12.
b.
$12 and $12.
c.
$8.58 and $8.67.
d.
$4 and $3.
15. Refer to Exhibit 23-1. The data in this table are relevant to a perfectly competitive firm because
a.
its total revenue is different at different levels of quantities sold.
b.
its total revenue is the same at all levels of quantities sold.
c.
it doesn't have to lower price to sell additional units of the product.
d.
marginal revenue is greater than price.
16. Refer to Exhibit 23-1. The firm’s demand curve represented by the information in this table is
a.
downward-sloping.
b.
upward-sloping.
c.
horizontal.
d.
vertical.
17. Refer to Exhibit 23-1. The marginal revenue curve represented by the information in this table is
a.
downward-sloping.
b.
upward-sloping.
c.
horizontal.
d.
vertical.
price Quantity sold Marginal Revenue 12 100 12 101 (A) 12 102 (B) 12 103 (C) 12 104 (D)Explanation / Answer
price
Quantity sold
TR
Marginal Revenue
12
100
1200
12
101
1212
12
12
102
1224
12
12
103
1236
12
12
104
1248
12
13. $12 and $12
14. $12 and $12
15. it doesn't have to lower price to sell additional units of the product.
16. horizontal.
17. horizontal.
price
Quantity sold
TR
Marginal Revenue
12
100
1200
12
101
1212
12
12
102
1224
12
12
103
1236
12
12
104
1248
12
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