If the price of the goods sold by firm X operating in the Perfect Competition Market is 10 TL, the quantity is 5 units, and the unit cost is 8 TL, what is the average revenue? a) 10 B) 80 C) 5 D) 50 TO) 8

If the price of the goods sold by firm X operating in the Perfect Competition Market is 10 TL, the quantity is 5 units, and the unit cost is 8 TL, what is the average revenue? a) 10 B) 80 C) 5 D) 50 TO) 8

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Firms In Competitive Markets

Section: Chapter Questions

Problem 7PA

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If the price of the goods sold by firm X operating in the Perfect Competition Market is 10 TL, the quantity is 5 units, and the unit cost is 8 TL, what is the average revenue?

TO)

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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