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What is the relationship between price, AR, and MR?
What is the relationship between price, average revenue and marginal revenue for a competitive firm? Thanks
1 Answer
- 1 decade agoFavorite Answer
Price in economics and business is the assigned numerical monetary value of a good, service or asset. The concept of price is central to microeconomics where it is one of the most important variables in resource allocation theory (also called price theory). Price is also central to marketing where it is one of the four variables in the marketing mix that business people use to develop a marketing plan.