In a competitive market in which price is constant to the individual firm regardless of the amount of output offered, [...] is equal to average revenue, where both are the same as the [...]
In a competitive market in which price is constant to the individual firm regardless of the amount of output offered, [...] is equal to average revenue, where both are the same as the [...]
In a competitive market in which price is constant to the individual firm regardless of the amount of output offered, [...] is equal to average revenue, where both are the same as the [...]
Answer
marginal revenue
market price.
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3. ANALYSIS OF REVENUE, COSTS, AND PROFITS e change in quantity sold; it is simply the additional revenue from selling one more unit. For example, in Exhibit 4, MR at 4 units is 100 [calculated as (400 – 300) ÷ (4 – 3)]; at 9 units it is also 100 [calculated as (900 – 800) ÷ (9 – 8)]. <span>In a competitive market in which price is constant to the individual firm regardless of the amount of output offered, marginal revenue is equal to average revenue, where both are the same as the market price. Reviewing the revenue data in Exhibit 4, price, average revenue, and marginal revenue are all equal to 100. In the case of imperfect competition, MR declines with greater output and is
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