when a good is sold in a perfectly competitive market, the marginal revenue product of labor used to make that good can be computed by:

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01-12-2022
Business

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when a good is sold in a perfectly competitive market, the marginal revenue product of labor used to make that good can be computed by:

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contexto1005 contexto1005 · Answer 1 · 2022-12-05T16:19:19+01:00

In a market with perfect competition, a company's marginal revenue is equal to both its average revenue and the market price.In an ideal competition, marginal revenue and average revenue are equal.

Marginal revenue is the change in total revenue caused by the sale of one additional unit.Total revenue divided by the quantity of outputs is average revenue.Average revenue is also the output price in a perfect competition.The curves for average and marginal revenue are parallel. When a product is uniform and consumers are fully informed about it, perfect competition results.In the ideal competition, the firm is the price taker.Perfectly competitive marketplaces in microeconomics are characterised by a large number of buyers and sellers, with the sellers and businesses typically selling similar or identical products. No single company can now determine and manipulate the market price according to their own economic advantage because there are so many firms competing.

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