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Subject 2. Total, Average, and Marginal Revenue
#cfa #cfa-level-1 #economics #has-images #macroeconomics #reading-15-demand-and-supply-analysis-the-firm #subject-2-total-average-and-marginal-revenue
In a perfectly competitive market, each firm is a price taker. Since each unit of output sold by a price taker is sold at the market price, the MR for each unit is also equal to the market price, i.e., P = MR.
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