If a firm in a perfectly competitive market sells 100 units of output and total revenues are $500, which of the following statements are true? (i) Marginal revenue equals $5. (ii) Average revenue equals $5. (iii) Price equals $5

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


d

Economics

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