Suppose That a Firm Operating in Perfectly Competitive Market Sells

question 425

Multiple Choice

Suppose that a firm operating in perfectly competitive market sells 100 units of output. Its total revenues from the sale are $500. Which of the following statements is correct? (i)
Marginal revenue equals $5.
(ii)
Average revenue equals $5.
(iii)
Price equals $5.

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

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Information Literacy

The set of skills required to identify, locate, evaluate, and use information effectively and ethically.

Media Literacy

The ability to access, analyze, evaluate, and create media in a variety of forms, understanding its messages and impacts.

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