A key characteristic of a competitive market is that
A. government antitrust laws regulate competition.
B. producers sell nearly identical products.
C. firms minimize total costs.
D. firms have price setting power.
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Suppose a firm in a competitive market increases its output by 25 percent. As a result, the price of its output is likely to
A. decline by 25 percent.
B. remain unchanged.
C. increase by less than 25 percent.
D. decline by more than 25 percent.
If a firm in a perfectly competitive market triples the quantity of output sold, then total revenue will
A. less than triple.
B. more than triple.
C. exactly triple.
D. be reduced by one third.
Which of the following statements is correct?
A. For all firms, marginal revenue equals the price of the good.
B. Only for competitive firms does average revenue equal the price of the good.
C. Marginal revenue can be calculated as total revenue divided by the quantity sold.
D. Only for competitive firms does average revenue equal marginal revenue.
Suppose a firm in a competitive market earned $2,000 in total revenue and had a marginal revenue of $20 for the last unit produced and sold. What is the average revenue per unit, and how many units were sold?
A. $5 and 50 units
B. $5 and 100 units
C. $100 and 20 units
D. $20 and 100 units
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