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.
A) i) only
B) iii) only
C) i) and ii) only
D) i) , ii) , and iii)
Correct Answer:
Verified
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