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.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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