For a Firm in a Perfectly Competitive Market, Price Is

question 15

Multiple Choice

For a firm in a perfectly competitive market, price is

• A)equal to both average revenue and marginal revenue.
• B)equal to average revenue but greater than marginal revenue.
• C)greater than marginal revenue but less than average revenue.
• D)less than both average revenue and marginal revenue.

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Definitions:

DNA

Deoxyribonucleic acid, a molecule that carries the genetic instructions used in the growth, development, functioning, and reproduction of all known living organisms and many viruses.

Codon

A sequence of three nucleotides in messenger RNA that specifies the addition of a particular amino acid in the synthesis of proteins.

Amino Acid

Organic compounds that serve as the building blocks of proteins, containing both an amino group and a carboxyl group.

Codon

A sequence of three nucleotides in mRNA that specifies the addition of a specific amino acid or the termination of translation.