An agricultural firm operating in a perfectly competitive market supplies wheat to manufacturers of consumer food products
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An agricultural firm operating in a perfectly competitive market supplies wheat to manufacturers of consumer food products and animal feeds. If the firm were able to expand its production and unit sales by 10 percent, the most likely result would be:
A. a 10 percent increase in total revenue.
B. a 10 percent increase in average revenue.
C. an increase in total revenue of less than 10 percent.
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Related Book For
Economics For Investment Decision Makers
ISBN: 9781118111963
1st Edition
Authors: Sandeep Singh, Christopher D Piros, Jerald E Pinto
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