If a perfectly competitive firm sells 50 units of output at a ...

[student77]

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.

[pikon]

Answer to Question 1

c

Answer to Question 2

b

[student77]

Thanks for the timely response, appreciate it

[peter]

Excellent