Identify the True Statements Below

question 163

Multiple Choice

Identify the true statements below.(i) when a competitive firm sells an additional unit of output, its revenue increases by an amount less than the price
(ii) when a monopoly firm sells an additional unit of output, its revenue increases by an amount less than the price
(iii) marginal revenue is the same for both competitive and monopoly firms

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

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Definitions:

GST Remittance

This is the process of sending the collected Goods and Services Tax to the governing tax authority.

GST Returns

The periodic filing with the taxation authority detailing sales, the GST collected on sales, and the GST paid on purchases.

Correct To The Cent

Adjusting a monetary amount to ensure accuracy up to the smallest currency unit, often referring to rounding to the nearest cent.

Rate Of Return

The increase or decrease in the value of an investment within a defined timeframe, represented as a percent of the investment's initial price.