If a competitive firm is selling 500 units of its product at a price of $8 per unit and earning a positive profit, then a. its average revenue is greater than $8. b. its total cost is less than $4,000. c. its marginal revenue is less than $8. d. all of the above are correct.

B) Its total cost is less than $4000

Explanation:

If a competitive firm is selling 500 units of its product at a price of $8 per unit, its total sales of 500units will be $8 × 500 which is $4,000. Since the firm earns a positive profit, this means that its total cost is less than $4000

Since a positive profit was made, it means the total sales(selling price) is definitely greater than cost price. If the cost price is greater than selling price, it means a loss was generated (negative profit) which is not the case here.

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"we first find value of tax in dollars.

the difference between the two prices   is: 23. 54 - 22 = 1.54

therefore the sales tax in dollars is 1.54

the tax % will be   (amount of tax / original cost price ) × 100

(1.54 / 22) × 100  → (0.07) × 100 =   7

so the tax rate is 7%

we can double check the answer.

7 % of 22   → (7/100) × 22 → 0.07 × 22 = 1.54

22 + 1.54 = 23.54"