Suppose That a Firm Operating in Perfectly Competitive Market Sells

question 178

Multiple Choice

Suppose that a firm operating in perfectly competitive market sells 400 units of output at a price of $4 each. Which of the following statements is correct? (i)
Marginal revenue equals $4.
(ii)
Average revenue equals $100.
(iii)
Total revenue equals $1,600.

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