Firms Have Several Different Concepts of Revenue: Total Revenue,average Revenue,marginal

question 45

Multiple Choice

Firms have several different concepts of revenue: total revenue,average revenue,marginal revenue,and price.For a profit-maximizing perfectly competitive firm,which statement below is true?

• A)Total revenue,average revenue,marginal revenue,and price are all equal.
• B)Average revenue,marginal revenue,and price are equal.
• C)Only marginal revenue and price are equal.
• D)Only average revenue and price are equal.
• E)None of these revenues are equal.

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Definitions:

Negative Effects

Unfavorable or harmful outcomes resulting from an action, event, or condition.

Type B Personality

A personality type characterized by lower levels of stress, patience, relaxation, and an easy-going attitude compared to Type A personality.

Easygoing

Characterized by a relaxed and tolerant attitude; not easily upset or stressed.

Hostile

Exhibiting or feeling aggression or anger towards someone or something, often characterized by antagonistic actions or attitudes.