Author Question: Which of the following describes the relationship among market price (P), average revenue (AR), and ... (Read 100 times)

809779 · **on:** Jun 30, 2018

Which of the following describes the relationship among market price (P), average revenue (AR), and marginal revenue (MR) for a firm in monopolistic competition.
a. P = AR = MR
b. P > AR = MR
c. P = AR > MR
d. P > AR > MR
e. P = AR < MR

Question 2

A good that is both rival and exclusive is called
a. a private good
b. a public good
c. a quasi-private good
d. an external good
e. an open access good