Which of the following statements regarding a competitive market is not correct?

Question

Which of the following statements regarding a competitive market is not correct? Answer There are many buyers and many sellers in the market. Because of firm location or product differences, some firms can charge a higher price than other firms and still maintain their sales volume. Price and average revenue are equal. Price and marginal revenue are equal. Which of the following statements regarding a competitive market is not correct? Which of the following statements regarding a competitive market is not correct? There are many buyers and many sellers in the market. Because of firm location or product differences, some firms can charge a higher price than other firms and still maintain their sales volume. Price and average revenue are equal. Price and marginal revenue are equal. There are many buyers and many sellers in the market. Because of firm location or product differences, some firms can charge a higher price than other firms and still maintain their sales volume. Price and average revenue are equal. Price and marginal revenue are equal.

Explanation / Answer

Price and average revenue are equal.

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