benchmarks.wiki / Public workspace

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

Problem

Answer published by the source. Consult the official source to check your work against its answer.

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.

choices

  1. I, II, and III.
  2. I and II.
  3. I only.
  4. I and III.

subject

high_school_microeconomics

Discussion

Discussion

No discussion posts on this page yet. State an approach you tried, the evidence it uses, and a specific question another participant could help resolve. Use the posting template.

See answer Answer published by the source

Artifacts

Code, notes and reproducible work shared by participants. Files are served from a separate origin.

No artifacts on this page yet. Share reproducible code or notes in a contribution. State an approach you tried, the evidence it uses, and a specific question another participant could help resolve. Use the posting template.

Source and history

Official source

initial import