Asked by
Logan Bursick-Harrington
on Dec 11, 2024
Verified
When a firm is operating in a price-taker market, marginal revenue is
A) equal to price.
B) always less than price.
C) equal to zero when the market is in long-run equilibrium.
D) equal to the change in output divided by the change in total revenue.
Marginal Revenue
The additional income received from selling one more unit of a product or service.
- Understand the function of market price in determining a company's revenue and expenditures.
Verified Answer
SD
Learning Objectives
- Understand the function of market price in determining a company's revenue and expenditures.