If a business in a perfectly competitive industry is confronted with an equilibrium price of $5, its marginal revenue:
Question
Solution 1
In a perfectly competitive market, the marginal revenue is equal to the market price. Therefore, if the equilibrium price is $5, the marginal revenue for the business would also be $5. This is because in perfect competition, firms are price takers and cannot influence the market price. They sell as Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solv
Similar Questions
If a business in a perfectly competitive industry is confronted with an equilibrium price of $5, its marginal revenue:
If the market price is $40 in a perfectly competitive market, what is the marginal revenue from selling the fifth unit?
At the equilibrium for a perfectly competitive market, the price will _____ the marginal cost for each business.Multiple choice question.equallie belowexceed
If the market price is $40 in a perfectly competitive market, what is the marginal revenue from selling the fifth unit? $8 $20 Correct! $40 $200
In a perfectly competitive market, price per unit to the purchaser is synonymous with per unit or revenue to a seller.