Suppose That a Firm Operating in Perfectly Competitive Market Sells

question 338

Multiple Choice

Suppose that a firm operating in perfectly competitive market sells 50 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 $10.
(iii)
Price equals $15.

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

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Definitions:

Timing

The selection, determination, or arrangement of specific times for events or actions.

Conditioned Stimulus

A previously neutral stimulus that, after being paired repeatedly with an unconditioned stimulus, elicits a conditioned response.

Classical Conditioning

Classical conditioning is a learning process that occurs through associations between an environmental stimulus and a naturally occurring stimulus, famously demonstrated by Pavlov's dogs experiment.

Conditioned Stimulus

A previously neutral stimulus that, after being repeatedly paired with an unconditioned stimulus, elicits a conditioned response.