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katovenus [111]
2 years ago
10

Suppose that a firm operating in perfectly competitive market sells 50 units of output. Its total revenues from the sale are $50

0. Which of the following statements is correct? (i) Marginal revenue equals $5. (ii) Average revenue equals $10. (iii) Price equals $15.
Business
1 answer:
jekas [21]2 years ago
3 0

Answer:

ii) Average revenue equals $10

Explanation:

A perfectly competitive market is where there are many buyers and sellers of homogenous goods. They are price takers. Price = marginal cost = marginal revenue = average revenue

Total revenue = price × quantity sold

$500 = price × 50

Price = $10

Average revenue = Total revenue / output

$500 / 50 = $10

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