Which of the Following Is Not True for a Firm

question 25

Multiple Choice

Which of the following is not true for a firm in perfect competition?

• A)Profit equals total revenue minus total cost.
• B)Price equals average revenue.
• C)Average revenue is greater than marginal revenue.
• D)Marginal revenue equals the change in total revenue from selling one more unit.

Identify and evaluate the long-run equilibrium position of firms in monopolistic competition.

Explain the concepts and effects of price discrimination in different market settings.

Comprehend the influence of advertising and marketing on product differentiation, demand elasticity, and firm costs.

Distinguish between the concepts of economic profits in the short run and long run across different market structures.

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