For a firm operating in a competitive industry, which of the following statements is not correct? Group of answer choices Total revenue is constant. Price equals marginal revenue. Marginal revenue is constant. Price equals average cost at long-run equilibrium.

For a firm operating in a competitive industry, which of the following statements is not correct? Group of answer choices Total revenue is constant. Price equals marginal revenue. Marginal revenue is constant. Price equals average cost at long-run equilibrium.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter8: Perfect Competition

Section: Chapter Questions

Problem 32CTQ: Your company operates in a perfectly competitive market. You have been told that advertising can...

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Question 3

For a firm operating in a competitive industry, which of the following statements is not correct?

Group of answer choices

Total revenue is constant.

Price equals marginal revenue.

Marginal revenue is constant.

Price equals average cost at long-run equilibrium.

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