Suppose That a Firm Operating in Perfectly Competitive Market Sells

question 133

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 $3.
(iii)
Total revenue equals $900.

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

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Definitions:

Team Cohesiveness

The extent to which members of a group are bonded, leading to a strong sense of solidarity and commitment towards collective goals.

Team Goal Setting

The process of establishing objectives within a team to direct members toward a common purpose or outcome.

Collective Efficacy

A group's shared belief in its conjoint capabilities to organize and execute the courses of action required to produce given levels of attainment.

Shared Beliefs

Common values or principles held by a group of people or within an organization, forming the basis of its culture and decision-making.