For a perfectly competitive firm total revenue: A. is price times quantity sold B. increases by a constant absolute amount as output expands C. graphs as a straight upsloping line from the origin D. has all of these characteristics

For a perfectly competitive firm total revenue: A. is price times quantity sold B. increases by a constant absolute amount as output expands C. graphs as a straight upsloping line from the origin D. has all of these characteristics

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter8: Perefect Competition

Section: Chapter Questions

Problem 10SQP

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Question

For a perfectly competitive firm total revenue:
A. is price times quantity sold
B. increases by a constant absolute amount as output expands
C. graphs as a straight upsloping line from the origin
D. has all of these characteristics

Definition Definition Structure of the market that exists when many buyers and sellers exchange similar commodities and prices are fixed by market forces, demand, and supply. When there is perfect competition, a single business cannot impact the price or market value of the homogenous product.

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