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Which of the following is obtainable in a perfect market?

Economics
WAEC 2010

Which of the following is obtainable in a perfect market?

  • A. P = MR > AR
  • B. MP = MC > P
  • C. MR < P
  • D. P = MR = MC
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Correct Answer: Option D
Explanation

In a perfectly competitive market, the firm's demand curve is the firm's marginal revenue curve. The firm maximizes profits by producing where MR = MC.

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