Suppose a firm in a competitive market produces and sells 150 units of output and earns $1,800 in total revenue from the sales

Subject:EconomicsPrice:2.88 Bought3

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Suppose a firm in a competitive market produces and sells 150 units of output and earns $1,800 in total revenue from the sales. If the firm increases its output to 200 units, the average revenue of the 200th unit will be:

a. Less than $12,

b. More than $12,

c. $12,

d. Any of the above may be correct depending on the price elasticity of demand for the product.