The term "foreign currency" refers to foreign

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

a. (i) only b. (iii) only c. (i) and (ii) only d. (i), (ii), and (iii)

New firms will likely enter a monopolistically competitive market when price exceeds

a. marginal revenue. b. average revenue. c. marginal cost. d. average total cost.