Which of the Following Expressions Is Correct for a Competitive

question 154

Multiple Choice

Which of the following expressions is correct for a competitive firm?

• A)profit = (quantity of output) x (price - average total cost)
• B)marginal revenue = (change in total revenue)/(quantity of output)
• C)average total cost = total variable cost/quantity of output
• D)average revenue = (marginal revenue) x (quantity of output)

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Definitions:

Column Heading

The title or label for a column in a table or spreadsheet, describing the data it contains.

Long Text

A text field type in databases or forms that allows for the input and storage of lengthy text entries, accommodating more detailed information than standard text fields.

Variable Amount

Refers to a quantity that can change or vary depending on certain conditions or inputs.

Characters

In computing, characters refer to letters, numbers, and symbols that can be input, displayed, or manipulated.