Ilsa Fast raises sheep and sells wool at the market. The wool she sells is identical to her competition. The market price of wool is $1.45 per pound. What is Ilsa’s marginal revenue? Group of answer choices Greater than $1.45 per pound $1.45 per pound

Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter13: Firms In Competitive Markets
Section: Chapter Questions
Problem 6PA: A firm in a competitive market receives 500 in total revenue and has marginal revenue of 10. What is...
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Ilsa Fast raises sheep and sells wool at the market. The wool she sells is identical to her competition. The market price of wool is $1.45 per pound. What is Ilsa’s marginal revenue?
Group of answer choices
Greater than $1.45 per pound
$1.45 per pound
zero
Cannot be determined with this information
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