Which of the following statements is correct regarding a perfectly competitive firm's total revenue?

Question

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In a perfectly competitive market, a firm's total revenue increases as the price increases because the firm sells its product at the market price, and total revenue is calculated as price times quantity sold. Unlike in monopolistic or oligopolistic markets, where demand elasticity can cause total revenue to decrease with price increases due to lower quantity demanded, in perfect competition, firms are price takers, meaning they have no control over the market price and sell as much as they can produce at the market price.

Which of the Following Statements Is Correct Regarding a Perfectly