{"id":59032,"date":"2024-04-16T01:29:58","date_gmt":"2024-04-16T01:29:58","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=59032"},"modified":"2024-04-16T01:29:58","modified_gmt":"2024-04-16T01:29:58","slug":"marginal-revenue-is-equal-to-the-price-for-which-one-of-the-following-types-of-market-structure","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/marginal-revenue-is-equal-to-the-price-for-which-one-of-the-following-types-of-market-structure\/","title":{"rendered":"Marginal revenue is equal to the price for which one of the following types of market structure?"},"content":{"rendered":"

[amp_mcq option1=”Monopoly” option2=”Perfect competition” option3=”Monopolistic competition” option4=”Oligopoly” correct=”option2″]<\/p>\n

The correct answer is: B. Perfect competition<\/strong><\/p>\n

In perfect competition, there are many firms selling identical products, and each firm is a price taker. This means that each firm has no control over the price of its product, and must accept the market price. As a result, the marginal revenue curve for a firm in perfect competition is equal to the price of its product.<\/p>\n

In monopoly, there is only one firm selling a product. The firm has a great deal of market power, and can therefore charge a price above marginal cost. As a result, the marginal revenue curve for a monopoly firm is below the price of its product.<\/p>\n

In monopolistic competition, there are many firms selling similar but not identical products. Each firm has some control over the price of its product, but not as much as a monopoly firm. As a result, the marginal revenue curve for a firm in monopolistic competition is below the price of its product, but above the marginal revenue curve for a firm in perfect competition.<\/p>\n

In oligopoly, there are a few firms selling a product. The firms have some market power, but not as much as a monopoly firm. As a result, the marginal revenue curve for a firm in oligopoly is below the price of its product, but above the marginal revenue curve for a firm in perfect competition.<\/p>\n","protected":false},"excerpt":{"rendered":"

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