For a Firm Operating in a Competitive Industry, Which of the Following

question 453

Multiple Choice

For a firm operating in a competitive industry, which of the following statements is not correct?

• A)Price equals average revenue.
• B)Price equals marginal revenue.
• C)Total revenue is constant.
• D)Marginal revenue is constant.

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Definitions:

Warranties And Claim Policies

Guarantees provided by manufacturers or sellers regarding the condition of a product and the agreement on handling defects, repairs, or replacements.

Reverse Auctions

A type of auction in which the roles of buyer and seller are reversed, and sellers compete to secure the business of the buyer by offering the lowest price.

Traditional Auctions

A method of selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder in a live setting.

Independent E-Marketplaces

Online platforms that connect buyers and sellers in specific industries, operating independently of the businesses that use them.