Answer:
The total revenue of a purely competitive firm from selling 6 units of output is $48. Based on this information, the unit price of the output must be $8.
Explanation:
Purely competitive firm is a marketing situation in which a large number of sellers of a product cannot be differentiated and, thus, no one firm significantly influences price. The ease with which new businesses can enter the market and great market knowledge are further existing factors.
In a purely competitive firm the formula of computing total revenue is number of output sold multiply by price of the output.
Total Revenue = number of output sold *unit price of the output
$48 = 6*unit price of the output
$48/6 = unit price of the output
$8 = unit price of the output
Hence, the unit price of the output must be $8.
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