For firms that sell one product in a perfectly competitive market, average revenue is:
A. calculated by total revenue divided by total output.
B. equal to marginal revenue.
C. equal to the market price.
D. All of these are true.
D. All of these are true.
Economics
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Assume that the Cambridge k = 0.2. If income increases by $20,000, the demand for money will change by
A) $20,000. B) $10,000. C) $5,000. D) $4,000.
Economics
Cyrus McCormick is best known for
a. manufacturing the mechanical reaper. b. developing hybrid strains of corn. c. introducing chemical fertilizers. d. the invention of the single-horse plow.
Economics