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State the relation between marginal revenue and average revenue.
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A firm is able to sell more quantity of a good only by lowering the price. The firm’s marginal revenue, as he goes on selling, would be :(Choose the correct alternative)
a. Greater than average revenue
b. Less than average revenue
c. Equal to average revenue
What is the behaviour of average revenue in a market in which a firm can sell more only by lowering the price?
Marginal revenue of a firm is constant throughout under : (choose the correct alternative)
a. Perfect competition
b. Monopolistic competition
d. All the above
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