Suppose That in a Competitive Market the Equilibrium Price Is

question 240

Multiple Choice

Suppose that in a competitive market the equilibrium price is $2.50. What is marginal revenue for the last unit sold by the typical firm in this market?

• A)Less than $2.50
• B)More than $2.50
• C)Exactly $2.50
• D)The marginal revenue cannot be determined without knowing the actual quantity sold by the typical firm.

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