#2015 #book-2 #cfa #cfa-level-1 #economics #schweser
Assuming (for now) that firms charge the same price to all buyers, selling one more unit requires that the price on all units sold must be decreased. It is for this reason that for firms under imperfect competition, marginal revenue is less than price for quantities greater than one.
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- (no access) - 2015 CFA Level 1 Study Schweser Book 2 - Economics, p65
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