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shusha [124]
1 year ago
9

Question. Draw a marginal revenue curve of a perfectly competitive firm and explain why the marginal revenue of a perfectly comp

etitive firm is always equal to its average revenue.

Business
1 answer:
svp [43]1 year ago
8 0

If AR is constant, MR is equal to AR. Both are indicated by the same horizontal straight line(a situation of perfect competition)

<h3>What is the marginal revenue curve for a perfectly competitive firm?</h3>
  • Marginal revenue for a company with perfect competition is the same as average revenue and pricing.
  • This suggests that at values bigger than the average variable cost, the firm's short-run supply curve is its marginal cost curve.
  • The company closes if the price falls below the average variable cost.

Marginal revenue is the change in total revenue when one more unit of a commodity is sold.

MR= change in TR/change in quantity sold

Average revenue refers to revenue per unit of output.

AR=TR/Q

Relationship between AR and MR:

If AR is constant, MR is equal to AR.

Both are indicated by the same horizontal straight line(a situation of perfect competition)

To learn more about marginal revenue, refer to

brainly.com/question/13444663

#SPJ4

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Reptile [31]

Answer:

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Explanation:

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7 0
3 years ago
A famous painting was sold in 1947 for ​$21 comma 320. In 1998 the painting was sold for ​$32.1 million. What rate of interest c
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