For firms that sell one product in a perfectly competitive market, average revenue is:
A. equal to marginal cost.
B. equal to the market price.
C. calculated by total output divided by total revenue.
D. greater than market price.
Answer: B
Economics
You might also like to view...
How do changes in interest rates affect exchange rates?
What will be an ideal response?
Economics
Ceteris paribus refers to all of the following ideas except
a. changing just one variable at a time b. holding everything else constant c. everything else being equal d. one-to-one cause and effect relationships e. in the absence of other influences
Economics