Firms Have Several Different Concepts of Revenue: Total Revenue,average Revenue,marginal

question 45

Multiple Choice

Firms have several different concepts of revenue: total revenue,average revenue,marginal revenue,and price.For a profit-maximizing perfectly competitive firm,which statement below is true?

• A)Total revenue,average revenue,marginal revenue,and price are all equal.
• B)Average revenue,marginal revenue,and price are equal.
• C)Only marginal revenue and price are equal.
• D)Only average revenue and price are equal.
• E)None of these revenues are equal.

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Definitions:

Payment Methods

Various ways through which businesses or individuals can settle transactions, including cash, credit/debit cards, electronic funds transfer, and checks.

Pay Scheduled Liabilities

The process of making payments towards debts or obligations that are due according to a predetermined schedule.

Pay Employees

The process of compensating workers for their services, typically referring to issuing paychecks or direct deposit payments for wages or salaries.

Write Checks

The action of completing a check to make a payment from a bank account, including details such as the date, payee name, and amount.