If a firm in a purely competitive industry is confronted with an equilibrium price of $5, its marginal revenue:.

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reidandreese587 reidandreese587

08-04-2022
Business

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If a firm in a purely competitive industry is confronted with an equilibrium price of $5, its marginal revenue:.

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Tundexi Tundexi · Answer 1 · 2022-04-20T10:35:54+02:00

If a firm in a purely competitive industry is confronted with an equilibrium price of $5, then, its marginal revenue will equals to $5 as well.

What is an equilibrium price?

It is a price point where the cost and demand for such product intersect and creates a price compromise.

In a competitive equilibrium, the price is equal to short run marginal revenue.

Therefore, the marginal revenue will equals to $5 as well.