Uniform Prices - This is because Total Revenue of a firm is...

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Uniform Prices: In a competitive market, an individual firm has no capacity to influence market conditions. Therefore it has to take market price as given , constant and uniform in nature. The price of a good is also known as the Average Revenue of the firm
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Unformatted text preview: . This is because Total Revenue of a firm is Price (P) × Output (Q) sold. Hence, Price is Total Revenue divided by Quantity Sold which is Average Revenue. TR = P × Q, hence TR = P = Average Revenue Q...
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