Suppose That a Firm Operating in Perfectly Competitive Market Sells

Multiple Choice

Suppose that a firm operating in perfectly competitive market sells 100 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 $5.
(iii)
Price equals $5.

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