Suppose That a Firm Operating in Perfectly Competitive Market Sells

question 314

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 $3.
Iii) Total revenue equals $900.

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

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Definitions:

Aromatic

A type of organic compound that contains one or more planar ring systems with delocalized pi-electron clouds, characterized by enhanced stability and distinctive smell.

Antiaromatic

Compounds that possess conjugated pi electrons in cyclic structures but with destabilization due to unfulfilled criteria for aromatic stability.

Nonaromatic

Describes a compound that does not meet the criteria for aromaticity, lacking a cyclic, planar structure with a delocalized pi electron system over the ring.

Pyrene

A polycyclic aromatic hydrocarbon (PAH) consisting of four fused benzene rings, resulting in a flat aromatic system.