For a Perfectly Competitive Firm, Which of the Following Is

question 348

Multiple Choice

For a perfectly competitive firm, which of the following is NOT true?

• A) The average revenue curve, the demand and the marginal revenue curves are identical.
• B) The total revenue curve begins at the origin and slopes upward as output increases.
• C) The slope of the total revenue curve is equal to the product price.
• D) The total revenue curve is horizontal.

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Definitions:

Negotiable Instrument

A document in writing that assures the payment of a precise sum of money, payable either upon request or at a predetermined time, and includes the name of the individual to whom the money is to be paid.

Enforce

The act of compelling compliance or obedience to a law, rule, agreement, or order.

Negotiable Instruments

Financial documents, such as checks, drafts, or promissory notes, that guarantee the payment of a specified amount of money to a specific person or entity.

Agent

A person or entity authorized to act on behalf of another (the principal), in dealings with third parties.