Question
Asked Oct 16, 2019

Under perfect competition, individual firms have no control over price. Therefore, the firm’s marginal revenue curve is:
A) indeterminate.
B) a downward-sloping curve.
C) constant at the market price of the product.
D) precisely the same as the firm’s total revenue curve.

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Step 1

Under perfect competition, individual firms have no control over price. Therefore, the firm’s margina...

Firm
Cost
MC
AC
-P = MR = AR
Q*
0
Quantity
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Firm Cost MC AC -P = MR = AR Q* 0 Quantity

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