Refer to the above graph for a firm in pure competition. Line A represents:
A. average revenue.
B. total revenue.
C. average total cost.
D. average fixed cost.
Answer: B
You might also like to view...
Which of the following is NOT a TRUE statement about perfectly competitive and monopolistically competitive firms?
A) Both monopolistically competitive and perfectly competitive firms have perfectly elastic demands. B) In the long run, only monopolistically competitive firms have excess capacity. C) Perfectly competitive firms produce at their efficient scale. D) There are a large number of firms in both monopolistically competitive and perfectly competitive markets.
Human capital is knowledge in
A) books. B) people. C) firms. D) government.
How do the three basic economic questions relate to the firm?
What will be an ideal response?
The inflation caused by supply shocks is called:
a. demand-pull inflation. b. cost-push inflation. c. wage inflation. d. expected inflation.