Suppose That a Firm Operating in Perfectly Competitive Market Sells

question 178

Multiple Choice

Suppose that a firm operating in perfectly competitive market sells 400 units of output at a price of $4 each. Which of the following statements is correct? (i)
Marginal revenue equals $4.
(ii)
Average revenue equals $100.
(iii)
Total revenue equals $1,600.

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

---

Definitions:

Authenticity

The quality of being genuine or true to one's own personality, spirit, or character, despite external pressures or influences.

True Self

One's authentic, innermost identity as opposed to social facades or roles played.

Daily Life

Refers to the routines, habits, and regular activities that an individual engages in on a day-to-day basis.

Looking-Glass Self

A social psychological concept that suggests people form their self-image as reflections of the way others perceive them.