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.

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Definitions:

Resilience

The capacity to recover quickly from difficulties; toughness or the ability to bounce back from stress or adversity.

Bounce Back

The ability to recover quickly from difficulties; resilience.

Adapt

To make suitable adjustments to new conditions or a different environment in order to improve functionality or survival.

High Crime Area

A geographic location with a significantly higher rate of criminal activity compared to surrounding areas.