Suppose That a Firm Operating in Perfectly Competitive Market Sells

question 169

Multiple Choice

Suppose that a firm operating in perfectly competitive market sells 300 units of output at a price of $3 each. Which of the following statements is correct? (i)
Marginal revenue equals $3.
(ii)
Average revenue equals $100.
(iii)
Total revenue equals $300.

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

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Definitions:

Grand Settlement of 1701

A historical agreement, also known as the Great Peace of Montreal, between New France and 39 First Nations of North America.

Presidio

A fortified base established by the Spanish in colonial times, primarily in the Americas, to protect territories and missions from foreign encroachments and native uprisings.

Yamasee War

A conflict between British settlers of South Carolina and various Native American tribes, including the Yamasee, during 1715-1717.

Salutary Neglect

A British colonial policy during the early 18th century that allowed the American colonies to flourish by ignoring British trade laws, fostering an independent spirit among colonists.