Asked by
Kelsey Ramsey
on Nov 04, 2024
Verified
The marginal revenue curve for a perfectly competitive firm will be upward sloping.
Marginal Revenue Curve
A graph that shows the additional revenue a firm earns from selling one more unit of a good or service.
Upward Sloping
A characteristic of a graph or curve that rises from left to right, indicating a positive relationship between two variables.
Perfectly Competitive Firm
A business operating in a market where no single firm can influence the market price or market conditions, facing many competitors and selling identical products.
- Gain an understanding of the notion of marginal revenue and its significance in determining a business's pricing and output strategies.
Verified Answer
TP
Learning Objectives
- Gain an understanding of the notion of marginal revenue and its significance in determining a business's pricing and output strategies.