### Answer

In a perfectly competitive market, it is true that price is equal to marginal revenue.

This occurs because firms in perfect competition are price takers; they have no control over the market price and must accept it as given. Therefore, when these firms sell one more unit of output, the revenue they receive is equal to the market price. Since marginal revenue (MR) is defined as the additional revenue received from selling one more unit of a good or service, in a perfectly competitive market:

$$
\text{Price} = \text{Marginal Revenue}
$$

### Final Answer
**True**

Question

### Answer

In a perfectly competitive market, it is true that price is equal to marginal revenue.

This occurs because firms in perfect competition are price takers; they have no control over the market price and must accept it as given. Therefore, when these firms sell one more unit of output, the revenue they receive is equal to the market price. Since marginal revenue (MR) is defined as the additional revenue received from selling one more unit of a good or service, in a perfectly competitive market:

$$
\text{Price} = \text{Marginal Revenue}
$$

### Final Answer
**True**

Knowee AI · Accepted Answer

### Answer

In a perfectly competitive market, it is true that price is equal to marginal revenue.

This occurs because firms in perfect competition are price takers; they have no control over the market price and must accept it as given. Therefore, when these firms sell one more unit of output, the revenue they receive is equal to the market price. Since marginal revenue (MR) is defined as the additional revenue received from selling one more unit of a good or service, in a perfectly competitive market:

$$
\text{Price} = \text{Marginal Revenue}
$$

### Final Answer
**True**

In perfect competition, price is equal to marginal revenue. Group of answer choicesTrueFalse

Question

In perfect competition, price is equal to marginal revenue.

Solution

Answer

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