What is revenue in microeconomics ? State the relation between marginal revenue and average revenue under perfect competition using usitable diagram or schedule OR Dfine supply. Distinguish between ''increase in supply'' and ''extension in supply''

What is revenue in microeconomics ? State the relation between margina

1.	What is revenue in microeconomics ? State the relation between marginal revenue and average revenue under perfect competition using usitable diagram or schedule OR Dfine supply. Distinguish between ''increase in supply'' and ''extension in supply''
Answer» Solution :REVENUE refers to the AMOUNT RECEIVED by a firm from the sale of a given QUANTITY of a commodity in the market. OR Supply refers to quantity of a commodity that a firm is willing and able to offer for sale at a given price during a given PERIOD of time.