Relationship between Total Revenue and Marginal Revenue
What is the relationship among Total Revenue (TR) and Marginal Revenue (MR)? Answer: A) If MR is positive, TR rises although at diminishing rate. B) If MR is Zero, TR becomes maximum.
What is the relationship among Total Revenue (TR) and Marginal Revenue (MR)?
Answer:
A) If MR is positive, TR rises although at diminishing rate. B) If MR is Zero, TR becomes maximum.
In a purely competitive industry, the individual firm: (i) can raise the quantity demanded by lowering the price of its product. (ii) experiences substantial economies of scale. (iii) faces a completely inelastic demand curve. (iv) cannot influence th
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