Question

Specifically, what is the marginal revenue curve for a competitive firm and how does it differ from that of a monopolist? Remember, as always, to base your answer on your own knowledge, logic, and judgment rather than relying on outside resources.

Answer 1

Answer:

The competitive firm has MR=P. While monopolist has MR<P.

Explanation:

The marginal revenue curve of a competitive firm is always horizontal and parallel to the x-axis. While the marginal revenue curve of the monopolist is downward sloping from rightwards to leftwards. Moreover, the marginal revenue of a competitive firm is equal to the price. While the marginal revenue of the monopolist is less than the price.

Answer 2

The marginal revenue curve for a competitive firm is a horizontal straight line while that of a monopolist is downward-sloping.

It should be noted that a perfectly competitive firm has a marginal revenue that's equal to its price. This can be depicted as a horizontal straight line.

On the other hand, monopolists have a downward-sloping marginal revenue curve. For the monopolist, marginal revenue is less than price.

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