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If a nondiscriminating imperfectly competitive firm is selling its 150th unit of output for $120, its marginal revenue: 1) will be greter than $120 2) will also be $120 3) will be less than $120 4) may be either or less than $120
If a nondiscriminating imperfectly competitive firm is selling its 150th unit of output for $120, its marginal revenue:
1) will be greter than $120
2) will also be $120
3) will be less than $120
4) may be either or less than $120
Expert Solution
Its marginal revenue would be less than $120.
Explanation:
Because this is a competitive market however imperfect,
in this market P=MC
MR<P
but if this would be a monopoly then MC=MR
so,
In competitive situation, MR should be less than $120.
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