If a competitive firm is selling 500 units of its product at a price of $8 per unit and earning a positive profit, then O its average revenue is greater than $8. O its marginal revenue is less than $8. its total cost is less than $4,000. O All of the above are correct.

If a competitive firm is selling 500 units of its product at a price of $8 per unit and earning a positive profit, then O its average revenue is greater than $8. O its marginal revenue is less than $8. its total cost is less than $4,000. O All of the above are correct.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter12: Firms In Perfectly Competitive Markets

Section: Chapter Questions

Problem 9P

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If a competitive firm is selling 500 units of its product at a price of $8 per unit and earning a positive profit, then
O its average revenue is greater than $8.
O its marginal revenue is less than $8.
O its total cost is less than $4,000.
O All of the above are correct.

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