Suppose that a firm operating in perfectly competitive market sells 100 units of

Question

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. Answer i) only iii) only i) and ii) only i), ii), and iii) 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. 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. i) ii) iii) i) only iii) only i) and ii) only i), ii), and iii) i) Marginal revenue equals $5. ii) Average revenue equals $5. iii) Price equals $5.

Explanation / Answer

iii) only

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