Suppose That a Firm Operating in Perfectly Competitive Market Sells

Multiple Choice

Suppose that a firm operating in perfectly competitive market sells 200 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 $600.
(iii)
Average revenue exceeds marginal revenue, but we don't know by how much.

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