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Suppose that a firm operating in perfectly competitive market sells 50 units of output. Its total revenues from the sale are $500. Which of the following statements is correct? (i)
Marginal revenue equals $5.
(ii)
Average revenue equals $10.
(iii)
Price equals $15.
High-intensity Discharge (HID)
A type of lighting technology that produces light by passing an electrical charge through a gas, often used in automotive headlights.
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Relating to the emission of light by a substance that has absorbed light or other electromagnetic radiation of a different wavelength.
Halogen Insert Bulb
A type of light bulb that uses halogen gas to increase light output and efficiency compared to traditional incandescent bulbs.
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Electronic systems designed to monitor the air pressure inside the pneumatic tires on various types of vehicles, alerting the driver when tire pressure is low.
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