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Answer to Question #249380 in Microeconomics for Naledi
Question #249380
Which one of the following statement is incorrect under perfect competition.
A. marginal revenue is always equal to marginal cost
B. Marginal revenue is always equal to the price of the product.
C. Average revenue is always equal to the price of the product.
D. Average revenue is always equal to the marginal revenue.
A. marginal revenue is always equal to marginal cost
B. Marginal revenue is always equal to the price of the product.
C. Average revenue is always equal to the price of the product.
D. Average revenue is always equal to the marginal revenue.
Expert's answer
D. average revenue is always equal to marginal revenue.
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