For a firm operating in a competitive industry, which of the following statements is not correct?
a. Price equals average revenue.
b. Price equals marginal revenue.
c. Total revenue is constant.
d. Marginal revenue is constant.
c
Economics
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Raising taxes or increasing transfer payments would reduce total spending
a. True b. False Indicate whether the statement is true or false
Economics
A monopolist will always end up choosing to operate
a. even if its profits are negative. b. on the elastic portion of its demand curve. c. until such time as a new competitor enters its market. d. only if it can capture the entire consumer surplus.
Economics