WAEC Economics 2020 Objective — Question 21
Question 21 of 50 from the West African Examinations Council (WAEC) Economics 2020 Objective paper, with the correct answer and a full explanation.
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What is the unit price of the firm's output? (Table: Output 50, Total Revenue $85)
- A. $10.00
- B. $2.70
- C. $2.00
- D. $1.70Correct
Explanation
Price = Total Revenue / Output = $85 / 50 = $1.70 (using the table: Output(units) 50,60,70,80,90; Total revenue(TR)$ 85,102,119,136,153).
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