As the quantity sold rises for a seller in imperfect competition, what happens to the difference...
As the quantity sold rises for a seller in imperfect competition, what happens to the difference between price and marginal revenue?
1It remains constant and is smaller than price.
2It gets larger and larger.
3It gets smaller and smaller.
4It remains constant and is equal in size to price.
Homework Answers
Answer - Option B
It gets larger and larger
In case of imperfect competition , sellers are in the position to influence the market price. They can sell more by reducing the price. Hence can earn the super normal profits. Thus the profits keep on increasing as sales grow.
It is equal to price in perfect competition. It is not smaller than price. Hence option B is correct.
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