If a Perfectly Competitive Firm Maximises Short-Run Profits, Its Marginal

question 223

True/False

If a perfectly competitive firm maximises short-run profits, its marginal revenue will be positive and less than its price.

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Definitions:

Updated Product

A product that has been improved or modified with new features or designs to enhance its performance or appeal.

Environmentally Friendly

Practices or products that have a minimal impact on the environment, often focusing on reducing pollution and conserving resources.

Fashion Product

A product that comes in and out of favor with consumers.

Fad Product

A product that is very popular for a relatively short amount of time.