Table 13-3

-Refer to Table 13-3.For a firm operating in a competitive market,the average revenue is

Name: Table 13-3 -Refer to Table 13-3.For a firm operating in a competitive market,the average revenue is
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Question

Table 13-3
 
-Refer to Table 13-3.For a firm operating in a competitive market,the average revenue is

Quizplus · Accepted Answer

Average revenue is equal to total revenue divided by quantity. From the table, we can see that the total revenue for selling 3 units is $21. Therefore, the average revenue for each unit sold is $7 ($21/3).

Table 13-3 -Refer to Table 13-3.For a Firm Operating in a Competitive