The total revenue of a purely competitive firm from selling 50 units of output is $300. Based on this information, the unit price of the output must be Multiple Choice O $6. O $350. O $15,000. O $250.Answer the question on the basis of the following cost data. Output Total Cost The average fixed cost of producing 5 units of output is Multiple Choice O $7.40. $24. $4.80. O 0 $12.20. O The question is based on the following table, which provides information on the production of a product that requires one variable input. Input Total Product With the addition of the third unit of input, the marginal product is Multiple Choice 0 12 and the average product is 32. 52 and the average product is 10.67. 10.67 and the average product is 12. O 12 and the average product is 10.67. Assume that the short-run cost and demand data given in the tables below confront a monopolistic competitor selling a given product and engaged in a given amount of product promotion. Cost Data Demand Data Quantity Total Output Total Cost Demanded Price a $ 25 a $ 35 1 46 l 32 2 45 2 29 3 55 3 26 4 76 4 23 5 98 5 28 6 115 6 17 If the firm sells 4 units of output, marginal revenue will be Multiple Choice Q 7%. $14. $22. 0 0 $92. 0 Answer the question based on the demand and cost schedules for a monopolistically competitive firm given in the table below. Quantity Price Demanded Total Cost Output 35 18 16 14 12 16 What output quantity will the monopolistically competitive firm produce to maximize profits? Multiple Choice O 5 O Q 3 O Monopol istic competition means Multiple Choice O a market situation where competition is based entirely on product differentiation and advertising. O a large number ofrms producing a standardized or homogeneous product. 0 many rms producing differentiated products. O a few firms producing a standardized or homogeneous product. The table shows the total costs for a purely competitive firm. If the product sells for $1,500 a unit, the firm's profit-maximizing output is Multiple Choice Suppose mat you could either prepare your own tax return in 12 hours or hrre a tax specia'ist lo prepare it for you in 3 hours. You value your time at $25.00 an hour: the tax specialist will charge you $60 an hour. The opportunity cost of preparing your own tax return is Mumple Chance 0 $480. 0 $50. 0 $180. 0 $300. Answer the question on the basis of the following output data for a rm. Assume that the amounts of all nonlabor resources are xed. Number of Workers Units of Output 0 1 2 3 4 5 6 249 Diminishing marginal returns become evident with the addition of the Multiple Choice 0 third worker. second worker. fourth worker. O fifth worker