Suppose That a Firm Operating in Perfectly Competitive Market Sells

question 425

Multiple Choice

Suppose that a firm operating in perfectly competitive market sells 100 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 $5.
(iii)
Price equals $5.

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

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Definitions:

Ultradian

Referring to recurrent periods or cycles repeated throughout a 24-hour day, such as the stages of sleep.

Infradian

Referring to biological rhythms with cycles that are longer than 24 hours, such as menstrual cycles or seasonal behaviors.

Prefrontal Cortex

The anterior part of the frontal lobes of the brain, involved in complex cognitive behavior, decision making, and moderating social behaviour.

Brodmann's Areas

Regions of the cerebral cortex defined by their cytoarchitectonic characteristics and associated with different brain functions.