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)
Correct Answer:
Verified
Correct Answer:
Verified
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