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Question
In perfect competition, since the firm is a price taker; the ________ curve is straight line.
In perfect competition, since the firm is a price taker; the ________ curve is straight line.
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Solution
The correct option is D marginal revenue
Perfect competition is
a type of market where there are huge number of buyers and sellers who deals in
the same type of product due to which no individual unit is able to influence
the price of the product and the seller have to quote the price that prevails
in the market which usually remains uniform due to such large involvement of
the masses. Therefore, the marginal revenue curve is a straight line.
Perfect competition is a type of market where there are huge number of buyers and sellers who deals in the same type of product due to which no individual unit is able to influence the price of the product and the seller have to quote the price that prevails in the market which usually remains uniform due to such large involvement of the masses. Therefore, the marginal revenue curve is a straight line.
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