-For a Perfectly Competitive Firm

question 297

Multiple Choice

-For a perfectly competitive firm,

• A)price is always greater than marginal revenue.
• B)price is always less than marginal revenue.
• C)price is always equal to marginal revenue.
• D)price and marginal revenue are unrelated.

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Definitions:

Remains Constant

Refers to a value or condition that does not change over time or under varying circumstances.

Population Size

Total number of individuals in a population.

Butterflies

Insects belonging to the order Lepidoptera, known for their bright colors and large, often patterned wings, undergoing dramatic transformations during their life cycle.

Density-Independent Factor

Environmental factors that affect population sizes regardless of the population's density, such as natural disasters or climate changes.