Figure 14-1
-Refer to Figure 14-1.Let Q represent the quantity of output and suppose the price of the good is $125.Then

Name: Figure 14-1 -Refer to Figure 14-1.Let Q represent the quantity of output and suppose the price of the good is $125.Then
Brand: Quizplus
Rating: 4.8 (56 reviews)

Question

Figure 14-1 
-Refer to Figure 14-1.Let Q represent the quantity of output and suppose the price of the good is $125.Then

Quizplus · Accepted Answer

In a perfectly competitive market, the price of the good is equal to the marginal revenue at any quantity of output. Therefore, if the price is $125, the marginal revenue is also $125 at any quantity Q, including Q = 270, Q = 322, and Q = 515.

Figure 14-1 -Refer to Figure 14-1.Let Q Represent the Quantity of Output