Which of the following statements is true, regarding the revenues of a firm under perfect competition
A) the marginal revenue and the average revenue are equal to the price
B) the marginal revenue is greater than the average revenue
C) the marginal revenue is greater than the total revenue
D) the total revenue is less than the average revenue
Correct Answer:
Verified
Q1: A market is clearly NOT perfectly competitive
Q2: If a perfectly competitive industry is in
Q3: Which of the following is NOT a
Q5: A firm under perfect competition will maximize
Q6: The short-run supply curve of a firm
Q7: In perfect competition the shutdown point is
Q8: A monopoly is a _
A)price taker
B)price accepter
C)price
Q9: A monopoly is a _, therefore the
Q10: As output increases in a monopoly, the
Q11: Marginal revenue in a monopoly is:
A)always greater
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents