Perfect competition is an economic term that refers to a theoretical market structure in which all suppliers are equal and overall supply and demand are in equilibrium. Figure 23. 1 shows the price, marginal cost and average cost curves facing a perfectly competitive firm in the short run. Figure 23.1 Cost, pnce (Rand) B. R800 C. R960 20 D. R720 O 60 80 100 Output per day MC AC What is the total revenue of the profit-maximising firm in the short run? A. R2 000 Price AVC
Perfect competition is an economic term that refers to a theoretical market structure in which all suppliers are equal and overall supply and demand are in equilibrium. Figure 23. 1 shows the price, marginal cost and average cost curves facing a perfectly competitive firm in the short run. Figure 23.1 Cost, pnce (Rand) B. R800 C. R960 20 D. R720 O 60 80 100 Output per day MC AC What is the total revenue of the profit-maximising firm in the short run? A. R2 000 Price AVC
Chapter26: Monopolistic Competition And Oligopoly
Section: Chapter Questions
Problem 5E
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