225) Which of the following markets would most closely satisfy the requirements for a competitive market?

electricity

cable television

cola

milk

Answer is:

milk

doubles

more than doubles

less than doubles

cannot be determined because the price of the good may rise or fall

Answer is:

total revenue divided by the quantity sold

equal to the quantity of the good sold

average revenue divided by the quantity sold

equal to the price of the good sold

Answer is:

price equals average variable cost.

marginal revenue equals average revenue

marginal cost equals total revenue.

marginal cost equals marginal revenue

Answer is:

variable costs of staying open are less than the total revenue due to staying open

total costs of staying open are less than the total revenue due to staying open

variable costs of staying open are greater than the total revenue due to staying open

total costs of staying open are greater than the total revenue due to staying open.

Answer is: