Economics 2281 · O Level · Firms' costs, revenue and objectives

Firms' costs, revenue and objectives — practice question

The table gives the quantities of tomatoes demanded and supplied at various prices. The starting equilibrium occurs at a price of $40. In the next year, improved harvesting technology causes supply to rise by 50% at each price. What will happen to the suppliers’ total revenue?

  • AIt will fall by $10.
  • BIt will fall by $40.
  • CIt will rise by $10.
  • DIt will rise by $200.

Worked solution & mark scheme

This 1-mark question has a full step-by-step worked solution and mark scheme.

  • Full mark scheme, point by point
  • Step-by-step worked solution
  • Write your answer & get it marked instantly by AI