The Additional Revenue a Firm in a Competitive Market Receives

question 134

Multiple Choice

The additional revenue a firm in a competitive market receives if it increases its production by one unit is equal to:

• A) average revenue
• B) price
• C) marginal revenue
• D) all of the above

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Definitions:

Computed

Calculated or processed using a computer or computational method.

NOIR

An acronym representing four levels of measurement in statistics: Nominal, Ordinal, Interval, and Ratio.

Nominal

A system of classification based on names rather than scales or rank ordering—for example, press, radio, and television.