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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
Define total revenue.
💡 Hint: Think about how revenue is affected by price and quantity.
Question 2
Easy
What is the relationship between Average Revenue and Price in perfect competition?
💡 Hint: Consider the equality of price and revenue per unit.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is the formula for Total Revenue?
- TR = p × q
- TR = p + q
- TR = p - q
💡 Hint: Recall the multiplication of price and quantity.
Question 2
In perfect competition, Average Revenue equals what?
- True
- False
💡 Hint: Think about price structure in competitive markets.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A firm operates in a perfectly competitive market selling pencils at Rs 5 each. If it sells 100 pencils, calculate total revenue, average revenue, and marginal revenue when it decides to sell one more pencil.
💡 Hint: Use the revenue formulas you’ve learned.
Question 2
Discuss why a perfectly competitive firm cannot sustain a price above the market price for long. What would happen to revenue?
💡 Hint: Consider market dynamics and the role of competition.
Challenge and get performance evaluation