Economics: Principles, Problems, and Policies, 19th Edition

Published by McGraw-Hill Education
ISBN 10: 0073511447
ISBN 13: 978-0-07351-144-3

Chapter 8 - Pure Competition in the Short Run - Questions - Page 178: 3a

Answer

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Work Step by Step

Total revenue is calculated by multiplying price and quantity, Marginal revenue is the change in total revenue with each additional unit of output sold. Marginal revenue equals price in perfect competition and is constant.
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