SELECT * FROM question_mgmt as q WHERE id=5549 AND status=1 SELECT id,question_no,question,chapter FROM question_mgmt as q WHERE courseId=3 AND subId=60 AND chapterId=611 and ex_no='1' AND status=1 ORDER BY CAST(question_no AS UNSIGNED)

Question:

What is the relation between market price and average revenue of a price-taking firm?

Answer:

Average revenue is defined as the revenue per unit of the output sold. It is expressed as the ratio between total revenue and the output sold.
AR =
We know that
TR = P × Q
AR=
AR = P
Thus the market price and the average revenue are the same for a perfect competitive firm.


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