in-a-perfectly-competitive-market-what-is-the-relationship-between-price-average

Question

In a perfectly competitive market, what is the relationship between price, average revenue, and marginal revenue?

Accepted Answer

Price equals average revenue and marginal revenue.

Answer

Price is greater than average revenue and marginal revenue.

Answer

Marginal revenue is greater than price and average revenue.

Answer

Average revenue is greater than price and marginal revenue.