Which of the following statements is not correct? Only for competitive firms does average revenue equal the price of the good. Average revenue equals total revenue divided by the quantity produced. For perfectly competitive firms, average total cost equals marginal cost at the long-run equilibrium. For perfectly competitive firms, marginal revenue equals average revenue.

Which of the following statements is not correct? Only for competitive firms does average revenue equal the price of the good. Average revenue equals total revenue divided by the quantity produced. For perfectly competitive firms, average total cost equals marginal cost at the long-run equilibrium. For perfectly competitive firms, marginal revenue equals average revenue.

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter8: Perefect Competition

Section: Chapter Questions

Problem 19SQ

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