WAEC - Economics (2011 - No. 20)
A market structure where profit is maximized when marginal revenue, marginal cost and price are equal is known as
perfect competition
monopoly
oligopoly
imperfect competition
Explanation
In order to maximize profits in a perfectly competitive market, firms set marginal revenue equal to marginal cost (MR=MC). MR is the slope of the revenue curve, which is also equal to the demand curve (D) and price
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