In a graph that illustrates a perfectly competitive firm, marginal revenue is
A) a diagonal line that lies below the firm's demand curve.
B) a line that intersects the firm's demand curve from below at its lowest point.
C) the same as the firm's demand curve.
D) a line that intersects the firm's average total cost curve from below at its lowest point.
C
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A firm in monopolistic competition that introduces a new and differentiated product will temporarily have a ________ demand for its product and is able to charge ________
A) less elastic; a lower price than before B) less elastic; a higher price than before C) more elastic; a lower price than before D) more elastic; a higher price than before E) less elastic; the same price as before
Why is the unemployment rate never zero, even at full employment?
What will be an ideal response?