Microeconomics: The Theory of the Firm under Perfect Competition · Class 11 · CBSE · Commerce Economics
A perfectly competitive firm sells 8 units at a market price of ₹15 per unit. What are its total revenue and average revenue, respectively?
Practice question from Microeconomics: The Theory of the Firm under Perfect Competition (Class 11 · CBSE · Commerce Economics), with the correct answer and a step-by-step solution.
easy · MCQ · Q-93E4A6
A perfectly competitive firm sells 8 units at a market price of ₹15 per unit. What are its total revenue and average revenue, respectively?
- A.₹120 and ₹15Correct answer
- B.₹15 and ₹120
- C.₹23 and ₹8
- D.₹120 and ₹8
Solution
Total revenue is calculated as . Average revenue is .
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