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The table given below shows the price of each unit of the product manufactured by a firm and the marginal cost of producing different units of the output. Table: 10.1 Output Price Marginal Cost 0 $1 $0 1 $1 $1.00 2 $1 $.80 3 $1 $.70 4 $1 $.50 5 $1 $.50 6 $1 $.70 7 $1 $.80 8 $1 $.86 9 $1 $1.00 10 $1 $1.09 According to the information in Table 10.1, the marginal revenue of the firm: a. is equal to the marginal cost at each level of output. b. is equal to price times output. c. is equal to price times marginal cost. d. is equal to $1 at all levels of the output. e. decreases with an increase in output.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91820049

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