The marginal revenue for a perfectly competitive firm is equal to the market price. Why is the
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 88% (9 reviews)
Marginal revenue is less than price for a monopolist This is becaus...View the full answer
Answered By
Rashul Chutani
I have been associated with the area of Computer Science for long. At my university, I have taught students various Computer Science Courses like Data Structures, Algorithms, Theory of Computation, Digital Logic, System Design, and Machine Learning. I also write answers to questions posted by students in the area of and around Computer Science.
I am highly fortunate to receive great feedback on my teaching skills that keeps me motivated. Once a student sent me an email stating that I had explained to him a concept better than his professor did.
I believe in the fact that "Teaching is the best way to learn". I am highly fascinated by the way technology nowadays is solving real-world problems and try to contribute my bit to the same.
Besides tutoring, I am a researcher at the Indian Institute of Technology. My present works are in the area of Text Summarization and Signal and Systems.
Some of my achievements include clearing JEE Advanced with an All India Rank of 306 out of 1.5 million contesting candidates and being the Department Ranker 1 at my University in the Department of Computer Science and Engineering.
I look forward to providing the best Tutoring Experience I can, to the student I teach.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Economics questions
-
Why is the marginal revenue curve for a perfectly competitive firm the same as its demand curve?
-
Why is the marginal revenue of a perfectly competitive firm equal to the market price?
-
Why is marginal revenue always less than price for a monopolist but equal to price for a perfectly competitive firm?
-
Determine the equations for the voltage and instantaneous Power in the network in Figure P 9.2 4 2225 A Figure P 92
-
What is data redundancy, and which characteristics of the file system can lead to it?
-
A solenoid has N turns of area A distributed uniformly along its length. When the current in this solenoid increases at the rate of 2.0 A/s, an induced emf of 75 mV is observed. Suppose the spacing...
-
A horizontal uninsulated steam pipe passes through a large room whose walls and ambient air are at \(300 \mathrm{~K}\). The pipe of \(125-\mathrm{mm}\) diameter has an emissivity of 0.85 and an outer...
-
The All Cuts Barber Shop employs four barbers. One barber, who also serves as the manager, is paid a salary of $3,900 per month. The other barbers are paid $1,900 per month. In addition, each barber...
-
A discussion of THREE separate ESG issues from Air canada company's report, one each addressing Environmental (CHAR), Social and Governance issues. Evaluate how each issue relates to the disclosure...
-
Hydrazine (NH4) is a highly toxic and unstable monopropellant that has been used as a rocket fuel in various applications. With help from a catalyst, the complete decomposition of hydrazine occurs in...
-
Why does the monopsony equilibrium give rise to a deadweight loss?
-
Why can a monopolist's marginal revenue be negative for some levels of output? Why is marginal revenue negative when market demand is price inelastic?
-
In Problem find the logarithmic derivative. f(x) = xe x
-
Any petroleum available for cost recovery in a particular year that is in excess of the amount necessary for cost recovery is referred to as _______________. a. Profit oil b. Cost recovery oil c....
-
Define the following terms: BS&W gravity tank battery LACT unit Mcf minimum royalty MMBtu
-
In addition to the PSC, what other type of contract might Alpha have in relation to Block 2? a. Lease agreement b. Risk-service contract c. Joint operating agreement d. Fixed margin agreement e....
-
Why is the temperature of oil or gas important when measuring the volume of oil or gas sold?
-
The SEC generally does not permit disclosure of proved reserves for operations occurring under which type(s) of contract(s)? a. Leases b. PSCs c. Service agreements d. Concession agreements e. All of...
-
For each of the following, either construct a formal proof of its validity or prove it invalid, in each case using the suggested notation: Acids and bases are chemicals. Vinegar is an acid. Therefore...
-
After Theorem 1.5 we note that multiplying a row by 0 is not allowed because that could change a solution set. Give an example of a system with solution set S0 where after multiplying a row by 0 the...
-
Distinguish between explicit and implicit costs, giving examples of each. What are some explicit and implicit costs of attending college? Why does the economist classify normal profit as a cost? Is...
-
Which of the following are short-run and which are long-run adjustments? a. Wendys builds a new restaurant. b. Harley-Davidson Corporation hires 200 more production workers. c. A farmer increases the...
-
Complete the table directly below by calculating marginal product and average product. Plot the total, marginal, and average products and explain in detail the relationship between each pair of...
-
Welch Corporation just paid its annual dividend of $2.00 per share. The firm is expected to grow at a rate of 15 percent for the next three years and then at 6 percent per year thereafter. The...
-
Reed Company had the following account balances for the current year. Prepare a multiple-step income statement. U Accounts Receivable $ 26,000 Cost of Goods Sold 63,400 Dividends 22,900 General and...
-
Generous Limited has issued a callable bond at 5.35% coupon with 14 years left to maturity can be called in 4 years. The call premium is one year of coupon payments. It is offered for sale at...
Study smarter with the SolutionInn App