We have shown that the marginal revenue curve and average revenue curve of a fully competitive firm are identical horizontal lines at the market price.
Explain about the competitive market?
- The term "competitive market" in economics refers to a market with many of customers and sellers but no considerable influence from any one buyer or seller. There are many of buyers and sellers, little entry barriers, and uniform products in competitive markets.
- A market with a competitive market structure is one with significant competition. Due to its large consumer base, uniform product offerings, easy entry and exit, etc., it is sometimes referred to as a market that is entirely competitive.
- The success of the American economy depends on a robust market economy. Economic theory demonstrates that when companies compete for customers, consumers benefit from lower prices, better products and services, greater variety, and increased innovation.
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