a firm sold 1000 units of a commodity at 20 rupees per unit. the average cost is per unit rupees 80 find the total revenue , average revenue , profit and loss of the firm and state the type of the firm.
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There are four major market types namely, perfect competition, monopoly, monopolistic competition, and oligopoly. Before you understand these market forms, it is important to know the concepts of total revenue, average revenue, and marginal revenue. In this article, we will clarify these concepts with the help of some examples and look at the behavioral principles.
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