matysteven4863 matysteven4863

10-06-2022
Business

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Whenever a perfectly competitive firm chooses to change its level of output, its marginal revenue:.

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nikitavidya0 nikitavidya0

21-06-2022

Whenever a perfectly competitive firm chooses to change its level of output, its marginal revenue tends to increase.

What is Perfect Competition?

Perfect competition refers to the situation in which there is large number of buyers and sellers in the market. There is no monopoly over the market prices. In such type of the competition companies cannot determine the prices of the product. Their is free exist and entry into the business.

In the case of the perfect competitive market, the firm produces a greater quantity of output then the total revenue increases at a constant rate determined by the given market price.

Thus it implies that its marginal revenue increases if marginal revenue us more than the total average cost ,MR < ATC and decreases if marginal revenue is less than total average cost ,MR > ATC.

Learn more about Perfect competition here:

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