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What is total revenue in a perfectly competitive market?
In perfect competition, market demand and market supply determine price. A firm's total revenue equals the market price multiplied by the quantity sold.
Which of the following is true of a perfectly competitive firm?
Answer and Explanation: The correct answer is b. The firm cannot affect the market price for its good. In a perfectly competitive market, a single firm cannot influence the market price.
What is true about the marginal revenue of a firm in a perfectly competitive industry?
The marginal revenue received by the firm is the change in total revenue from selling one more unit, which is the constant market price. So a perfectly competitive firm's demand curve is the same as its marginal revenue curve.
Which of the following statements is true of a perfectly competitive market?
Answer and Explanation:
A perfectly competitive market is characterized by free entry and exit of the firms in the market.