For a perfectly competitive firm, marginal revenue: ________
a) is less than price.
b) is greater than price.
c) decreases as the firm increases output.
d) is equal to price.

Question

16-08-2022
Business

contestada

For a perfectly competitive firm, marginal revenue: ________
a) is less than price.
b) is greater than price.
c) decreases as the firm increases output.
d) is equal to price.

Respuesta :

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QWCyan QWCyan · Answer 1 · 2022-08-20T11:51:34+02:00

In a perfectly competitive market, the marginal revenue will be equal to the price. In a perfectly competitive market, there will be a large number of buyers and sellers selling their goods at the same rate. The goods will be homogenous and there will be no difference in the goods sold. In such a case the marginal revenue will be equal to the price of the goods.

Let us assume a perfectly competitive market. A seller will be able to sell whatever quantity he wants at that rate. If the price of the goods is increased he will not have customers. There is no use in reducing the price as the customers are willing to buy the goods at a higher rate. The market is also able to buy all the goods sold by the seller so their marginal revenue will not decrease.

In a perfectly competitive market, the marginal revenue line is a horizontal line. this line will be equal to the price of the goods in the market.

For a perfectly competitive firm, marginal revenue: ________ a) is less than price. b) is greater than price. c) decreases as the firm increases output. d) is equal to price.

Respuesta :

Otras preguntas

For a perfectly competitive firm, marginal revenue: ________
a) is less than price.
b) is greater than price.
c) decreases as the firm increases output.
d) is equal to price.