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
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