Suppose That a Firm Operating in Perfectly Competitive Market Sells

question 330

Multiple Choice

Suppose that a firm operating in perfectly competitive market sells 50 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 $10.
Iii) Price equals $15.

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

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Definitions:

Structural Change

Major shifts or alterations in the organizational, economic, or social framework of an entity or society.

Distrust

The lack of confidence in the reliability, truth, or capability of someone or something, leading to skepticism and suspicion.

Logical Incrementalism

A strategic management approach that involves making decisions step-by-step based on logic and data, rather than through comprehensive planning or radical changes.

James Brian Quinn

An influential thinker and author known for his work on strategic management and innovation in business.