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

If aggregate demand is stable and there is economic growth, the economy will experience

A) secular depreciation. B) secular decline. C) secular deflation. D) secular degeneration.

In economics, what is meant by “absolute advantage”?

a. entrepreneurial ability b. using fewer resources c. lower opportunity cost d. having the most workers