Suppose That a Firm Operating in Perfectly Competitive Market Sells

question 169

Multiple Choice

Suppose that a firm operating in perfectly competitive market sells 300 units of output at a price of $3 each. Which of the following statements is correct? (i)
Marginal revenue equals $3.
(ii)
Average revenue equals $100.
(iii)
Total revenue equals $300.

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

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Definitions:

Tried Everything

A colloquial expression indicating that numerous different methods or approaches have been attempted to solve a problem or address a situation, often without success.

Ground Her

Typically refers to imposing restrictions or a period of confinement on someone, often used in the context of disciplinary actions for adolescents by parents or guardians.

Suicidal Intent

A person's determination or plan to end their own life, often associated with mental health issues.

Acute

Describing a condition or illness that is severe but short-lived, often sudden in onset, as opposed to chronic conditions which are long-lasting.