Which of the Following Expressions Is Correct for a Competitive

question 45

Multiple Choice

Which of the following expressions is correct for a competitive firm?

• A)Profit = (quantity of output) × (price − average total cost)
• B)Marginal revenue = (change in total revenue)/(quantity of output)
• C)Average total cost = total variable cost/quantity of output
• D)Average revenue = (marginal revenue) × (quantity of output)

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Definitions:

IQ

Intelligence Quotient, a measure of a person's intellectual abilities in relation to others.

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A major city in the state of Texas, known for its historical significance in the oil and cotton industries and as the site of President John F. Kennedy's assassination in 1963.

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The awareness and understanding of one's own thought processes, or thinking about thinking.

Working Memory

A cognitive system with a limited capacity that is responsible for temporarily holding information available for processing.