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Define marginal revenue. State the relation between marginal revenue and average revenue when a firm : (i) is able to sell more quantity of output at the same price. (ii) is able to sell more quantity of output only by lowering the price. |
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Answer» Define marginal revenue. State the relation between marginal revenue and average revenue when a firm : (i) is able to sell more quantity of output at the same price. (ii) is able to sell more quantity of output only by lowering the price. |
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