In the perfectly competitive market, individual firms exert no effect on the market price. Therefore, the firm's marginal revenue curve is:
a. indeterminate.
b. an upward-sloping curve.
c. a downward-sloping curve.
d. the same as the firm's demand curve.
d
Economics
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Tax laws affect
A) economic efficiency but not equity. B) consumption and production, not efficiency and equity. C) both efficiency and equity. D) equity but not economic efficiency.
Economics
All four market forms discussed in the text maximize profit where
a. P = MC. b. AR = AC. c. MR = MC. d. MC = AR.
Economics