Suppose that a firm operating in perfectly competitive market sells 50 units of output. Its total revenues from the sale are $500. Which of the following statements is correct? (i)
Marginal revenue equals $5.
(ii)
Average revenue equals $10.
(iii)
Price equals $15.
A)(i) only
B)(ii) only
C)(i) and (ii) only
D)(i), (ii), and (iii)

Question

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The Answer of Suppose that a firm operating in perfectly competitive market sells 50 units of output. Its total revenues from the sale are $500. Which of the following statements is correct? (i)
Marginal revenue equals $5.
(ii)
Average revenue equals $10.
(iii)
Price equals $15.
A)(i) only
B)(ii) only
C)(i) and (ii) only
D)(i), (ii), and (iii)

Suppose That a Firm Operating in Perfectly Competitive Market Sells