Changes in the Output of a Perfectly Competitive Firm, Without

question 509

Multiple Choice

Changes in the output of a perfectly competitive firm, without any change in the price of the product, will change the firm's

• A)total revenue.
• B)marginal revenue.
• C)average revenue.
• D)All of the above are correct.

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Definitions:

Total Fixed Costs

The sum of all costs that do not change with the level of output produced, such as rent or salaries.

Average Grade

The middle value of grades assigned in academic performance, calculated by averaging the grades of all subjects or courses taken.

Test Average

The mean score obtained by an individual or group on a series of examinations or tests.

Average Variable Cost

The variable cost per unit of output.