Which of the Following Statements Is True? (I)

question 337

Multiple Choice

Which of the following statements is true? (i)
When a competitive firm sells an additional unit of output, its revenue increases by an amount less than the price.(ii)
When a monopoly firm sells an additional unit of output, its revenue increases by an amount less than the price.(iii)
Average revenue is the same as price for both competitive and monopoly firms.

• A)(ii) only
• B)(iii) only
• C)(i) and (ii) only
• D)(ii) and (iii) only

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Definitions:

Social Contract

A theoretical agreement within society where individuals consent to surrender some freedoms for the protection and benefit of the community as a whole.

Rousseau

Jean-Jacques Rousseau, an influential 18th-century philosopher known for his ideas on education, society, and government, emphasizing natural human goodness and freedom.

Free Individuals

Persons who possess autonomy and the capacity to make choices unconstrained by external coercion or limitations, typically within the bounds of societal laws and norms.

Forces Of Production

in Marxist theory, refers to the means by which labor is applied to the resources of nature—such as tools, machinery, and factories—to produce goods and services.