Asked by
Skyler Peppo
on Oct 08, 2024
Verified
For a purely competitive seller,price equals:
A) average revenue.
B) marginal revenue.
C) total revenue divided by output.
D) all of these.
Average Revenue
The amount of income generated per unit of sale or services rendered, calculated by dividing the total revenue by the number of units sold.
Total Revenue
The overall amount of money generated by a firm from selling its products or services, calculated as the quantity of goods sold multiplied by the price of the goods.
- Recognize the characteristics of demand and marginal revenue curves in perfectly competitive firms.
- Examine the effects of assuming the role of a price taker within a completely competitive market on a company's decisions regarding pricing and production levels.
Verified Answer
MB
Learning Objectives
- Recognize the characteristics of demand and marginal revenue curves in perfectly competitive firms.
- Examine the effects of assuming the role of a price taker within a completely competitive market on a company's decisions regarding pricing and production levels.
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