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Title: Starting from a situation in which a firm in a competitive market produces and sells 500 door knobs for a price of $10 p

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Q:

Starting from a situation in which a firm in a competitive market produces and sells 500 door knobs for a price of $10 per doorknob, which of the following events would decrease the firm’s average revenue?

           a.   The firm increases its output above 500 doorknobs.

           b.   The firm decreases its output below 500 doorknobs.

           c.    The market price of doorknobs rises above $10.

           d.   The market price of doorknobs falls below $10.


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Title: Starting from a situation in which a firm in a competitive market produces and sells 500 door knobs for a price of $10 p

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    • Posted Date: Apr 27, 2012 at 9:11:57 PM

    • The full tutorial is about words long

 
A:
...sp;        a.   The firm increases its output above 500 doorknobs. &n...
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