Define average and marginal revenue

Reference no: EM13174510

Suppose that a firm operating in perfectly competitive market sells 200 units of output at a price of $3 each. Which of the following statements is correct?
(i) Marginal revenue equals $3.
(ii) Average revenue equals $600.
(iii) Average revenue exceeds marginal revenue, but we don%u2019t know by how much. (Points : 5)

a. (i) only
b. (iii) only
c. (i) and (ii) only
d. (i), (ii), and (iii)

Reference no: EM13174510

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