erfect competition is an economic term that refers to atheoretical market structure in which all suppliers are equal andoverall supply and demand are in equilibrium. Figure 23. 1 showsthe price, marginal cost and average cost curves facing a perfectlycompetitive firm in the short run.
Erfect Competition Is An Economic Term That Refers To A Theoretical Market Structure In Which All Suppliers Are Equal An 1 (61.21 KiB) Viewed 16 times
What is the total revenue of the profit-maximising firm in theshort run?
A. R2 000
B. R800
C. R960
D. R720
Figure 23.1 Cost, pnce (Rand) 20 12 B O 60 80 100 Output per day MC AC Price AVC
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