题目内容
For a firm operating in a perfectly competitive industry, total revenue, marginal revenue, and average revenue are all equal.
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When an individual firm in a competitive market increases its production, it is likely that the market price will fall.
Firms in a competitive market are said to be price takers because there are many sellers in the market, and the goods offered by the firms are very similar if not identical.
A firm operating in a competitive market will stay in business in the short run so long as the market price exceeds the firm’s average total cost; otherwise, the firm will shut down.
All competitive firms earn zero economic profit in both the short run and the long run.
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