The equality between MC and MR is
A) A necessary condition for equilibrium of the firm under perfect condition
B) A sufficient condition for equilibrium of the firm under perfect competition
C) A necessary but not sufficient condition for equilibrium of the firm under perfect condition
D) A necessary and sufficient condition for equilibrium of the firm under perfect condition
Correct Answer:
Verified
Q15: Marginal revenue curve under perfect competition is
A)Upward
Q16: Average revenue curve under imperfect competition is
A)Upward
Q17: Marginal revenue curve under imperfect competition is
A)Upward
Q18: Perfect competition prevails when the demand for
Q19: Equilibrium price is determined under perfect competition
Q20: In the market period, market supply curve
Q21: Given the supply of a commodity, in
Q22: Total profits are maximized where
A)TR equals TC
B)TR
Q24: In the short-run, a competitive firm can
Q25: If price is equal to average cost,
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