GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following is true in a perfectly competitive market?
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Marginal revenue is constant at all levels of output
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Average revenue is constant at all levels of output
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Total revenue rises continuously at a constant rate
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All of the above
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Explanation:
Detailed explanation-1: -Perfect competition is a type of market where there are large number of buyers and sellers who deals in homogeneous product due to which no individual unit is able to influence the price of the product and the firms have to quote the price that prevails in the market. Was this answer helpful?
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