Suppose a firm in a competitive market earned $2,000 in total revenue and had a marginal revenue of $20 for the last unit produced and sold. What is the average revenue per unit, and how many units were sold?

A) $5 and 50 units
B) $5 and 100 units
C) $100 and 20 units
D) $20 and 100 units

List and describe the characteristics of a perfectly competitive market.

As team members make plans,coordinate,communicate and assist one another in the efforts regarding how to accomplish a project,they are forming a:

A) taskwork network.
B) perceived network.
C) teamwork network.
D) faultline.

A company bought new heating system for $42,000 and was given a trade-in of $2,000 on an old heating system,so the company paid $40,000 cash with the trade-in.The old system had an original cost of $37,000 and accumulated depreciation of $34,000.If the transaction has commercial substance,the company should record the new heating system at:

A) $2,000.
B) $3,000.
C) $40,000.
D) $42,000.
E) $43,000.

A person buying a ____ is called an investor.

A) bond
B) stock
C) mutual fund
D) All of the above

The economic incentive for price discrimination is based upon

A) prejudices of business managers.
B) differences among sellers' costs.
C) a desire to evade antitrust legislation.
D) differences among buyers' elasticities of demand.