Firms operating in competitive markets produce output levels where marginal revenue equals all of the above.
A competitive market is a market that is characterised by many buyers and sellers of identical products. The market price is determined by the forces of demand supply.
A competitive firm produces output at a level where price = marginal revenue = marginal cost = average revenue
To learn more about competitive markets, please check: https://brainly.com/question/13383966
#SPJ1
