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21-01-2020
Business

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when perfectly competitive firm X sells three units of product Z, its marginal revenue is $4.67. when it sells one hundred units, marginal revenue is $4.67. We can conclude that the price isA. DroppingB. $4.67C. Too highD. the price cannot be calculated with the information

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jepessoa jepessoa

22-01-2020

Answer:

B) $4.67

Explanation:

By definition marginal revenue is the revenue generated by the sale of one more unit of product Z.

Marginal revenue = unit price

Since firm X participates in a perfectly competitive market, it is a price taker, and since the marginal revenue is constant, we can assume that this is the equilibrium price of product Z.

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