Suppose Pat's Paints is a perfectly competitive firm. If Pat's Paints' marginal revenue equals $5 per can, and Pat decides to sell 100 cans of paint, Pat's total revenue equals
A) $5.
B) $100.
C) $500.
D) $20.
E) Information on the price of a can of paint is needed to answer the question.
C
You might also like to view...
A net borrower is a country that ________, while a net lender is a country that ________
A) borrows more than it lends; owes more to foreigners than foreigners owe to it B) decreases its stock of outstanding foreign debt; lends more than it borrows C) borrows more than it lends; lends more than it borrows D) lends more than it borrows; borrows more than it lends
For resources with upward-sloping supply curves:
a. earnings consist solely of economic rent. b. earnings consist of both transfer earnings and economic rent. c. earnings are called transfer earnings. d. earnings are called dividends. e. earnings consist entirely of interest payments.