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Answer to Question #226774 in Economics for Pabi
Question #226774
Which one of the following statements is incorrect? Under perfect competition
A. marginal revenue is always equal to the price of the product.
B. average revenue is always equal to the price of the product.
C. marginal revenue is always equal to marginal cost.
D. average revenue is always equal to marginal revenue.
Expert's answer
D. average revenue is always equal to marginal revenue.
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