Question

Alwite is a perfectly competitive firm that produces white t-shirts. The market for white t-shirts is perfectly competitive and the market price of a t-shirt is $10.What will be Alwite's total revenue if it sells 21 t-shirts

Answer 1

Answer:

$210

Explanation:

A perfectly competitive industry is when there are many buyers and sellers of homogenous goods and services. Prices are set by the forces of demand and supply. Sellers sell at the going market price.

If market price is $10 and the total quantity sold is 21, total revenue = $10 x 21 = $210

I hope my answer helps you

Answer 2

Answer:

Total Revenue $210

Explanation:

In a perfectly competitive market the price and quantity are driven by market forces of the market In basic principle Revenue is given by Price multiplied by the quantity of a good /commodity

Given P = $10, Quantity = 21

Revenue = Price * Quantity

                 =10*21

                =$210