For a firm in a perfectly competitive market, the price of the good is always equal to:

Question

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In a perfectly competitive market, the price of the good is equal to the marginal revenue (the additional revenue from selling one more unit), the average revenue (total revenue divided by the quantity sold), and the equilibrium market price (where supply equals demand). This is because firms in perfect competition are price takers and cannot influence the market price.

For a Firm in a Perfectly Competitive Market, the Price