For firms that sell one product in a perfectly competitive market, average revenue is:
A. calculated by total output divided by total revenue.
B. equal to marginal cost.
C. equal to the market price.
D. greater than market price.
C. equal to the market price.
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Refer to the figure above. What is the equilibrium price of bottled water?
A) $4 B) $8 C) $12 D) $18
The achievement of greater efficiency in the United States has been at the expense of growing inequality
a. True b. False Indicate whether the statement is true or false
Suppose you put $500 into a bank account today. Interest is paid annually and the annual interest rate is 5.5 percent. The future value of the $500 is
a. $637.50 after 5 years and $822.09 after 10 years. b. $637.50 after 5 years and $775.00 after 10 years. c. $653.48 after 5 years and $854.07 after 10 years. d. $688.36 after 5 years and $915.56 after 10 years.
Refer to the diagram for athletic shoes. If the current output of shoes is Q 3 , then:
A. society should produce fewer shoes to achieve the optimal allocation of resources.
B. society should produce more shoes to achieve the optimal allocation of resources.
C. resources are being allocated efficiently to the production of shoes.
D. shoes are more valuable to society than alternative products