If a firm sells more of product in a perfectly competitive market, its total revenue must rise.

Name: If a firm sells more of product in a perfectly competitive market, its total revenue must rise.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

In a perfectly competitive market, the firm is a price taker, meaning it can sell any quantity of its product at the market price. Therefore, selling more units will increase total revenue as it is the product of price and quantity sold.

If a Firm Sells More of Product in a Perfectly