Answer Happy

B. Q2 workers C. More than Q3 workers D. Q1 workers QUESTION 23 Perfect competition is an economic term that refers to a theoretical market structure in which all suppliers are equal and overall supply and demand are in equilibrium. Figure 23. 1 shows the price, marginal cost and average cost curves facing a perfectly competitive firm in the short run. Figure 23.1 C. R960 D. R720 Output per day What is the total revenue of the profit-maximising firm in the short run? A. R2 000 B. R800 Price B. I and II only C. Il only D. I, II, III (4 Marks QUESTION 24 Martin purchased three units of good A. The marginal benefit of the fourth unit of A exceeds the marginal cost of the fourth unit of good A. Which of the following reasons explains why Martin should purchase the fourth unit? 1. The marginal net benefit of the fourth unit is positive. II. Buying the fourth unit will increase total benefits by more than total costs. III. Buying the fourth unit will increase total benefits and decrease total costs. A. I only (4 Marks