Business

6 September, 05:44

Suppose a firm in a competitive market produces and sells 150 units of output and earns $1,800 in total revenue from the sales. If the firm increases its output to 200 units, the average revenue of the 200th unit will be

a less than $12.

b. more than $12.

c. $12.

d. Any of the above may be correct depending on the price elasticity of demand for the product

+4

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