16. In the short run, the profit maximization for a firm in a perfectly competitive market would be: the marginal revenue is equal to the market price the marginal revenue is equal to the average revenue The market price is equal to the marginal cost O the marginal revenue is greater than the marginal cost
16. In the short run, the profit maximization for a firm in a perfectly competitive market would be: the marginal revenue is equal to the market price the marginal revenue is equal to the average revenue The market price is equal to the marginal cost O the marginal revenue is greater than the marginal cost
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter13: Firms In Competitive Markets
Section: Chapter Questions
Problem 6PA: A firm in a competitive market receives 500 in total revenue and has marginal revenue of 10. What is...
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![16. In the short run, the profit maximization for a firm in a perfectly competitive market would
be:
the marginal revenue is equal to the market price
the marginal revenue is equal to the average revenue
The market price is equal to the marginal cost
O the marginal revenue is greater than the marginal cost](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb803c272-7ed1-4830-b7a3-3aa23726428f%2F4245d3aa-a6c1-4f23-b51f-8e2fdef42690%2F06midwod_processed.jpeg&w=3840&q=75)
Transcribed Image Text:16. In the short run, the profit maximization for a firm in a perfectly competitive market would
be:
the marginal revenue is equal to the market price
the marginal revenue is equal to the average revenue
The market price is equal to the marginal cost
O the marginal revenue is greater than the marginal cost
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