Which of the Following Is Not True for a Firm

question 25

Multiple Choice

Which of the following is not true for a firm in perfect competition?

• A)Profit equals total revenue minus total cost.
• B)Price equals average revenue.
• C)Average revenue is greater than marginal revenue.
• D)Marginal revenue equals the change in total revenue from selling one more unit.

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Definitions:

Generativity

A concern for establishing and guiding the next generation, typically observed during middle adulthood.

Regulation

The act of controlling or governing according to rules or laws.

Conflicts

Instances of disagreement or contention, which can occur between individuals, groups, or nations and may have various causes such as competition, differences in values, or resource scarcity.

Discussions

Interactive exchanges of ideas or opinions among individuals or groups, often with the goal of reaching a better understanding or solution.