which of these is true of a perfect competitor?

Assessment: WAEC SSCE - Economics - 2009 (Objective) Subject: Economics

Question 1 Report

which of these is true of a perfect competitor?
Answer Details
A perfect competitor is a hypothetical market structure where no individual participant can influence the market price of a product. Therefore, the market price (P) is equal to the marginal revenue (MR) and average revenue (AR) of the product. So, the correct statement is "P = AR = MR." This means that the price that a seller receives for a unit of their product (P) is equal to both the total revenue received (AR) and the additional revenue gained from selling one more unit (MR).
Read lesson note on Market Structure (JAMB)
Read lesson note on Economics As A Science (JAMB)
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