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22. find out the incorrect statement (1) (2) average revenue curve is the same as demand curve if the point elasticity of demand is unity, the corresponding mar
22. Find out the incorrect statement (1) (2) Average revenue curve is the same as demand curve If the point elasticity of demand is unity, the corresponding marginal revenue is zero Average revenue on the demand side, is the counterpart of average cost on the supply side The less elastic the average revenue curve, the more periect is the competition in the market (3) 4
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Nidhi taparia Best Answer
Option (4) is incorrect out of these. Recall that when markets are perfectly competitive, the AR curve is perfectly elastic (or that it is a horizontal line). This is because firms in such a market are price-takers; if they alter the price even slightly, they risk to lose all of their quantities sold.