Suppose That a Firm Operating in Perfectly Competitive Market Sells

question 133

Multiple Choice

Suppose that a firm operating in perfectly competitive market sells 300 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 $3.
(iii)
Total revenue equals $900.

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

---

Definitions:

Project Loon

An initiative by Alphabet (Google's parent company) aimed at providing internet access to remote areas via high-altitude balloons.

Ethical Implications

The broader impacts, both positive and negative, that a decision or action may have on society, individuals, and the environment in ethical terms.

GPS System

Global Positioning System, a satellite-based navigation system that provides location and time information globally.

Satellites

Satellites are objects placed into orbit around Earth or other planets for communication, navigation, weather observation, and research.