If a Perfectly Competitive Firm Sells 300 Units of Output

question 263

Multiple Choice

If a perfectly competitive firm sells 300 units of output at a market price of $1 per unit, its marginal revenue is:

• A) less than $1.
• B) $1.
• C) more than $1 but less than $300.
• D) $300.

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Definitions:

Cash Short

A situation where the actual cash on hand is less than the recorded amount in the accounting records, often resulting in a discrepancy during reconciliation.

Petty Cash Receipts

Documentation of small amounts of cash expenditures from a petty cash fund, used for minor business expenses.

Internal Control Problems

Weaknesses or failures in a company’s system of policies and procedures that govern its operations and financial reporting.

Gaps

Refers to missing elements or disparities in data, knowledge, or performance that need to be addressed.