If a perfectly competitive firm sells 30 units of output at a price of $10 per unit, its marginal revenue is ______.
$10
more than $10
less than $10
$300
Marginal revenue is a firm's ______.
ratio of profit to quantity
ratio of average revenue to quantity
price per unit times the number of units sold
increase in total revenue when it sells an additional unit of output
For a firm producing at any level of output less than the most profitable one, an increase in output adds ______.
more to total cost than to total revenue
more to total revenue than to total cost
the same amount to total revenue as to total cost
to total revenue but not to total cost
In the short run, a perfectly competitive firm produces output and earns zero economic profit if _____.
P > ATC
P = ATC
P < AVC
AVC > P > ATC
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