Suppose That a Firm Operating in Perfectly Competitive Market Sells

question 563

Multiple Choice

Suppose that a firm operating in perfectly competitive market sells 200 units of output at a price of $3 each. Which of the following statements is correct? (i)
Marginal revenue equals $3.
(ii)
Average revenue equals $600.
(iii)
Average revenue exceeds marginal revenue, but we don't know by how much.

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

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Definitions:

Thyroid-stimulating Hormone

A hormone produced by the pituitary gland that regulates the production of thyroid hormones, which in turn regulate metabolism, energy generation, and overall growth.

Correct Abbreviation

The appropriate shortened form or acronym of a longer phrase or name, accurately reflecting its components.

GTT

Glucose Tolerance Test, a test measuring the body's response to sugar (glucose) to diagnose diabetes or prediabetes.

Correct Meaning

A rephrased explanation or interpretation of a word, phrase, or concept that is accurate or true.