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)

---

Definitions:

Essentialism

is the belief that objects, individuals, or concepts have a set of essential attributes that define their identity.

Breadwinners

Individuals, traditionally men, who are the primary providers of financial support for their families.

Homemakers

Individuals who manage household duties including caring for family members, cleaning, and cooking, often without receiving formal wages.

Essentialist Arguments

The concept that certain attributes are inherent, natural, and fixed to specific groups or categories of people.