Which of the following is true? a. Total revenue is price times the quantity sold. b. Average

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Which of the following is true?

a. Total revenue is price times the quantity sold.

b. Average revenue is total revenue divided by the quantity sold.

c. Marginal revenue is the change in total revenue from the sale of an additional unit of output.

d. In a competitive industry, the price of the good equals both the average revenue and the marginal revenue.

e. All of these are true.

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Exploring Economics

ISBN: 9781544336329

8th Edition

Authors: Robert L. Sexton

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Question Posted: Jan 17, 2023 05:38 AM

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Which of the following is true? a. Total revenue is price times the quantity sold. b. Average

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