Suppose that a firm operating in perfectly competitive market sells 50 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 $10. (iii) Price equals $15

Refer to Scenario 1 . If you start the course in such a way that each exam score is better than your previous average what should happen to your average score?

What would happen to your average if it was below your previous exam score? Explain.

An efficient point of production is

A) a point on the production possibilities curve. B) a point inside the production possibilities curve. C) the point where scarcity no longer exists. D) the point where we are currently producing.