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Does the price equal the marginal revenue in a competitive market?
In a competitive market, the price does equal the marginal revenue.
Is marginal revenue equal to price in a perfectly competitive market?
In a perfectly competitive market, marginal revenue is equal to price.
Is the price equal to marginal revenue in a perfectly competitive market?
In a perfectly competitive market, the price is equal to the marginal revenue.
Does marginal revenue equal price in a perfectly competitive market?
Yes, in a perfectly competitive market, marginal revenue equals price.
How price are determined in a competitive market?
based on economy
Does the price equal the marginal revenue in a competitive market?
In a competitive market, the price does equal the marginal revenue.
Is marginal revenue equal to price in a perfectly competitive market?
In a perfectly competitive market, marginal revenue is equal to price.
Is the price equal to marginal revenue in a perfectly competitive market?
In a perfectly competitive market, the price is equal to the marginal revenue.
Does marginal revenue equal price in a perfectly competitive market?
Yes, in a perfectly competitive market, marginal revenue equals price.
How price are determined in a competitive market?
based on economy
What is equilibrium price in economics?
It is the price where demand equals supply in a competitive market.
Is a purely competitive firm a price taker?
Indeed it is. A competitive market means that there are a lot of companies that sell the same product. With this conditions, if a company rise the price, consumers will easily find another company, losing all profits. Therefore a firm cannot control the price in a competitive market, it has to take the market price.
Are monopolists price takers as are competitive firms?
No, monopolists are not price takers like competitive firms. In a competitive market, firms accept the market price as given and cannot influence it due to many competitors. In contrast, a monopolist has market power and can set prices above marginal cost, as they are the sole supplier of a good or service, allowing them to influence the market price.
In a competitive market the actions of any single buyer or seller will?
In a competitive market, the actions of any single buyer or seller will have little to no impact on the overall market price or supply. This is because there are many buyers and sellers, and each participant's individual transactions are too small to influence the market dynamics significantly. As a result, buyers take prices as given, and sellers must accept the market price for their goods. This leads to an efficient allocation of resources, where prices reflect the collective behavior of all market participants.
When sellers in a competitive market take the selling price price as given they are said to be?
When sellers in a competitive market take the selling price as given, they are said to be price takers. This means they accept the market price determined by supply and demand without influencing it, as their individual sales contribute only a small portion to the overall market. As a result, they cannot set their own prices and must sell at the prevailing market rate to remain competitive.
What is the most competitive market structure?
The most competitive market structure is perfect competition. In this model, numerous small firms sell identical products, and no single firm can influence the market price. Characteristics include easy entry and exit from the market, perfect information for buyers and sellers, and homogeneous products. This structure leads to optimal allocation of resources and minimal economic profits in the long run.
How can one determine the method for finding marginal revenue in a perfectly competitive market?
To determine the method for finding marginal revenue in a perfectly competitive market, one can calculate the change in total revenue when one additional unit of output is sold. This can be done by taking the derivative of the total revenue function with respect to quantity. In a perfectly competitive market, marginal revenue is equal to the market price.
