For a Perfectly Competitive Firm,at Any Output Rate

question 3

Multiple Choice

For a perfectly competitive firm,at any output rate

• A) total cost equals total revenue.
• B) price and total revenue are the same.
• C) marginal cost and price are the same.
• D) total cost equals supply.
• E) price and marginal revenue are the same.

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Definitions:

Percent Markup

A percentage added to the cost price of goods to calculate the selling price.

Printer/Copier/Fax Machine

Office equipment that combines the functionalities of printing, copying, and faxing into a single device.

Dollar Markup

The difference between the cost of a good or service and its selling price, expressed in dollar terms.

Ratchet-Style

A mechanism or approach that permits only incremental increases or improvements, often without the possibility of reversal.