Question

P=AR for A For perfect competition B For a monopoly C For a oligopoly D All...

P=AR for

A For perfect competition
B For a monopoly
C For a oligopoly
D All of the above
E none of the above

PS: What is P and AR?

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Answer #1

In this case, P stands for the price and AR stands for the average revenue. Price is equal to the average revenue in the perfect competition because, in the perfect competition, firms are price takers due to the large number of sellers that implies prices are set by the industry. So right answer is, for perfect competition. Monopoly and the firms in the Oligopoly market are not price takers, they are price makers that implies price charge is greater than the average revenue.

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