Price can be substituted for marginal revenue in the mr mc, Ask an Expert

Economics

Price can be substituted for marginal revenue in the MR = MC rule when an industry is purely competitive because price minus cost equals marginal revenue. and marginal cost are the same in pure competition. is the same as average revenue. is constant regardless of the quantity demanded.

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9677320

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