In a perfectly competitive market, price per unit to a buyer equals __.Multiple choice question.total revenue to a selleraverage revenue to a selleraverage profits to a sellertotal profits to a seller

In a perfectly competitive market, price per unit to the purchaser is synonymous with per unit or revenue to a seller.

Total Revenue = ________Question 4Answera.(Price per unit)(Quantity sold)b.Quantity solc.Price per unitd.(Price per unit)/(Quantity sold)

Multiple Choice QuestionHow is the market supply of a good or service calculated?Multiple choice question.By summing the quantity produced by all sellers at every price within the marketBy summing the price of each unit of output for all sellers within the marketBy summing the total revenue and subtracting the total costs of productionBy summing the cost of production for all sellers within the market

Total revenue equals:Multiple choice question.price times cost.cost times output.output times quantity.price times quantity.

A perfectly competitive firm will maximize profits at the output level where which of the following is true?Group of answer choicesMarginal cost is equal to marginal revenueMarginal cost is equal to total revenueAverage cost is equal to marginal revenueAverage total cost is equal to average revenue