When a Firm Is Operating in a Price-Taker Market, Marginal

question 167

Multiple Choice

When a firm is operating in a price-taker market, marginal revenue will always equal

• A) average total cost.
• B) one minus the elasticity of the market demand curve.
• C) total revenue.
• D) price.

---

Definitions:

American Republic

A term referring to the United States of America, emphasizing its form of government as a republic.

Federalist Faction

A political group in early United States history that supported a strong federal government and the ratification of the Constitution, contrasting with the Democratic-Republicans.