Answer:
The correct answer is option i.
Explanation:
A firm is operating in a perfectly competitive market.
The firm is selling 200 units of output.
The price of each unit of output is $3.
In a perfectly competitive market, a single firm faces a horizontal line demand curve. This horizontal line represents demand, price line, average revenue, and marginal revenue.
So if the price is $3, it implies that the marginal revenue and average revenue is also equal to $3.
The total revenue is $600.
Answer:
The correct answer is letter "A": a market in which a good can be bought and sold at the same price.
Explanation:
Competitive markets are those with large numbers of producers fighting against each other to fulfill consumers' needs. In these markets, the producers and consumers cannot determine the price of the goods or services being traded. Both <em>participants are price-takers</em> which imply they will come to a point in which the price level offered by producers and desired by consumers will be equal.
Answer:
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Answer:
B
Explanation:
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