Question

Indian economy is facing headwinds in several of its sectors'.

Answer 1

Explanation:

Under perfect competition, firms adopt OP as the industry price and consider the P-line as the demand curve or AR – average revenue curve (perfectly elastic at P). Since all units are equally priced, the MR curve is a horizontal line and is equal to the AR line.

Answer 2

Explanation:

Explanation:

Under perfect competition, firms adopt OP as the industry price and consider the P-line as the demand curve or AR – average revenue curve (perfectly elastic at P). Since all units are equally priced, the MR curve is a horizontal line and is equal to the AR line.