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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Briefly explain the reason for the shape of a marginal revenue curve for a perfectly competitive firm.

To determine

The shape of the marginal revenue curve.

Explanation

A firm in a perfectly competitive market is a price taker and due to its inability to alter the prices, we have considered all the firms to be “small” in this market.

The shape of a marginal revenue curve for a perfectly competitive firm will be a horizontal straight line as the firm cannot influence the market price...

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