Author Question: If a perfectly competitive firm sells 50 units of output at a market price of 10 per unit, its ... (Read 115 times)

student77 · **on:** Jun 30, 2018

If a perfectly competitive firm sells 50 units of output at a market price of 10 per unit, its marginal revenue is:
a. more than 10.
b. less than 10.
c. 10.
d. 5300.

Question 2

If the government wants to raise tax revenue and shift most of the tax burden to the consumers, it would impose a tax on a good with a:
a. flat (elastic) demand curve and a steep (inelastic) supply curve.
b. steep (inelastic) demand curve and a flat (elastic) supply curve.
c. steep (inelastic) demand curve and steep (inelastic) demand curve.
d. flat (elastic) demand curve and a flat (elastic) supply curve.