Suppose That a Firm Operating in Perfectly Competitive Market Sells

question 417

Multiple Choice

Suppose that a firm operating in perfectly competitive market sells 300 units of output at a price of $3 each. Which of the following statements is correct? i) Marginal revenue equals $3.
Ii) Average revenue equals $100.
Iii) Total revenue equals $300.

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

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