Which of the Following Statements Is True? (I)

question 337

Multiple Choice

Which of the following statements is true? (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)
Average revenue is the same as price for both competitive and monopoly firms.

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

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Definitions:

Mania

A mental state characterized by an excessively elevated mood, energy levels, and activity, often associated with bipolar disorder.

Grandiosity

An exaggerated sense of one's importance, power, knowledge, or identity, often found in personality disorders or manic episodes.

Flight of Ideas

A symptom often seen in manic episodes where an individual's thoughts rapidly and frequently change topics in a disconnected, fragmented manner.

Cultural Bias

The tendency to interpret and judge phenomena by standards inherent to one's own culture.