Suppose a competitive firm and a monopolist are both charging $5 for their respective outputs. one can infer that:
a. marginal revenue is $5 for both firms.
b. marginal revenue is $5 for the competitive firm and less than $5 for the monopolist.
c. marginal revenue is less than $5 for both firms.
d. the competitive firm is charging too much and the monopolist too little.
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Ответ:
b. marginal revenue is $5 for the competitive firm and less than $5 for the monopolist.
Explanation:
A perfect competition is characterised by many buyers and sellers of homogenous goods and services.
Firms in a perfect competition are price takers. Price is set by forces of demand and supply.
In a perfect competition, price = marginal cost = marginal revenue =$5.
A monopoly is when there's only one firm in the industry.
A monopoly firm is fhe price setter.
In a monopoly, price is greater than marginal revenue. Therefore, the marginal revenue is less than $5.
I hope my answer helps you.
Ответ:
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Explanation: