Figure: The Profit Maximizing Firm
(Figure: The Profit Maximizing Firm) Look at the figure The Profit Maximizing Firm.The figure shows cost curves for a firm operating in a perfectly competitive market.If the market price is P₄:
A.marginal revenue and price are the same.
B.marginal revenue is less than P₄.
C.marginal revenue is greater than P₄.
D.marginal revenue and price are unrelated in perfect competition.

Question

Figure: The Profit Maximizing Firm
  (Figure: The Profit Maximizing Firm) Look at the figure The Profit Maximizing Firm.The figure shows cost curves for a firm operating in a perfectly competitive market.If the market price is P₄: 
A.marginal revenue and price are the same.
B.marginal revenue is less than P₄.
C.marginal revenue is greater than P₄.
D.marginal revenue and price are unrelated in perfect competition.

Quizplus · Accepted Answer

The Answer of Figure: The Profit Maximizing Firm
  (Figure: The Profit Maximizing Firm) Look at the figure The Profit Maximizing Firm.The figure shows cost curves for a firm operating in a perfectly competitive market.If the market price is P₄: 
A.marginal revenue and price are the same.
B.marginal revenue is less than P₄.
C.marginal revenue is greater than P₄.
D.marginal revenue and price are unrelated in perfect competition.

Figure: the Profit Maximizing Firm