What Is the Relationship Among the Following Variables in for a Perfectly

question 176

Multiple Choice

What is the relationship among the following variables in for a perfectly competitive firm: the market price, average revenue and marginal revenue?

• A) Average revenue is equal to the market price; average revenue is greater than marginal revenue.
• B) The market price is equal to both average revenue and marginal revenue.
• C) Average revenue is equal to marginal revenue; average revenue is greater than the market price.
• D) As a firm lowers the market price to sell more output, marginal revenue and average revenue will be less than the market price.

---

Definitions:

Workforce Diversity

The inclusion of a wide range of people of different races, genders, ages, sexual orientations, and abilities in a workplace.

Homogenous Work Group

A team composed of members who share similar characteristics, often regarding expertise, demographics, or cultural background.

Diverse Work Environment

An inclusive workplace setting that values and incorporates a variety of employee backgrounds, cultures, experiences, and perspectives.

Discrimination Lawsuits

Legal actions initiated against individuals or organizations accused of unfair treatment based on race, gender, age, disability, or other protected characteristics.