Use the table below to answer the following questions.
Table 11.1.1
-Refer to Table 11.1.1 which gives the demand schedule for a perfectly competitive firm.If the quantity sold by the firm rises from 5 to 6,marginal revenue is

Question

Use the table below to answer the following questions.
Table 11.1.1 
-Refer to Table 11.1.1 which gives the demand schedule for a perfectly competitive firm.If the quantity sold by the firm rises from 5 to 6,marginal revenue is

Quizplus · Accepted Answer

In a perfectly competitive market, the marginal revenue is equal to the price of the product. If the quantity sold increases from 5 to 6, the marginal revenue is the price at which the additional unit is sold, which is $15.

Use the Table Below to Answer the Following Questions