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Question
In all forms of imperfect competition, the average revenue curve facing the individual slopes ___________.
In all forms of imperfect competition, the average revenue curve facing the individual slopes ___________.
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Solution
The correct option is B downward
In all forms of imperfect competition, the average revenue curve facing the individual slopes downward.When AR is decreasing, MR should be decreasing faster than AR. Thus,
downward sloping MR curve is below the downward sloping AR curve(a
situation of monopoly and monopolistic competition)
In all forms of imperfect competition, the average revenue curve facing the individual slopes downward.When AR is decreasing, MR should be decreasing faster than AR. Thus, downward sloping MR curve is below the downward sloping AR curve(a situation of monopoly and monopolistic competition)
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