Question : 31) Any firm’s average revenue defined as A) total revenue divided : 1384223

31) Any firm’s average revenue is defined as

A) total revenue divided by the number of units sold.

B) the change in total revenue resulting from the sale of an additional unit of the product.

C) the total amount received by the seller from the sale of a product.

D) the change in price resulting from the sale of an additional unit of the product.

E) price times quantity of the product sold.

32) A perfectly competitive firm’s total revenue is equal to which of the following?

A) average revenue multiplied by price.

B) price times quantity of the product sold, divided by quantity of the product sold.

C) the revenue received on the last unit sold.

D) marginal revenue times quantity of the product sold.

E) price multiplied by marginal revenue.

33) A perfectly competitive firm’s demand curve coincides with

A) its average-revenue curve and total-revenue curve.

B) its total-revenue curve.

C) both its marginal and average-revenue curves.

D) both its marginal and total-revenue curves.

E) the market demand curve.

34) A perfectly competitive firm’s demand curve

A) has unit elasticity.

B) is identical to the market demand curve.

C) yields constant total revenues.

D) is a horizontal line where P = AR = MR.

E) is downward sloping.

35) For any firm operating in any market structure, marginal revenue (MR) equals

A) p × q.

B) (p × q)/q

C) ?p × ?q.

D) ?q/?p

E) ?(p × q)/?q

36) Firms have several different concepts of revenue: total revenue, average revenue, marginal revenue, and price. For a profit-maximizing perfectly competitive firm, which statement below is true?

A) Total revenue, average revenue, marginal revenue, and price are all equal.

B) Average revenue, marginal revenue, and price are equal.

C) Only marginal revenue and price are equal.

D) Only average revenue and price are equal.

E) None of these revenues are equal.

37) In the short run, the profit-maximizing behaviour for a price-taking firm requires it to operate where

A) P = MC, given that P is greater than or equal to ATC.

B) P = TR = TC.

C) P > MR > MC.

D) AVC = AR.

E) P = MC, given that P is greater than or equal to AVC.

38) For a given market price, a competitive firm’s total-revenue curve

A) is a positively sloped straight line, starting from the origin.

B) increases to the right and then declines when MC = MR.

C) is a straight line that coincides with the market demand curve.

D) is the same as the firm’s demand curve.

E) is the same as the firm’s MR curve.

39) For a given market price, a competitive firm’s average-revenue curve

A) is a positively sloped straight line, starting from the origin.

B) increases to the right and then declines when MC = MR.

C) is a straight line that coincides with the market demand curve.

D) is the same as the firm’s demand curve.

E) is the same as the firm’s TR curve.

40) For a given market price, a competitive firm’s marginal-revenue curve

A) is a positively sloped straight line, starting from the origin.

B) increases to the right and then declines when MC = MR.

C) is a straight line that coincides with the market demand curve.

D) is the same as the firm’s demand curve.

E) is the same as the firm’s TR curve.