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MMLU-Pro / 7044 / Which of the following correctly illustrates why price (P) equals marginal…

Problem

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question

Which of the following correctly illustrates why price (P) equals marginal revenue (MR) under perfect competition, and why price (P) is greater than marginal revenue under monopoly or imperfect competition? I. MR = P = demand on horizontal function for perfect competition. II. P > MR as downward sloping functions for imperfect competition. III. Demand and Price are represented as a vertical function for imperfect competition.

category

economics

options

  1. II and III, with the addition of IV. Demand and Price are represented as a downward sloping function for monopoly.
  2. I, II and III, with the addition of IV. Demand and Price are represented as a horizontal function for perfect competition.
  3. I and II.
  4. I and III.
  5. I, II, and III.
  6. I only.
  7. II only.
  8. I and III, with the addition of IV. MR = P = demand on downward sloping function for monopoly.
  9. III only.
  10. II and III.

src

ori_mmlu-high_school_microeconomics

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Source and history

upstream_id / Original problem ID
7044
task_id
4492d838-f87e-58a3-882e-da4799a69352
task_key
default--test--7044
task_revision_id
1
config / split
default / test

Official source

initial import