Q26 Construct a diagram showing TR & MR Curves in imperfect competition.
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Explanation:
What is the shape of TR curve under perfect competition?
For a perfectly competitive firm with no market control, the total revenue curve is a straight line. For firms with more market control, especially monopoly, the total revenue curve is "hump shaped," increasing, reaching a peak, then declining. The slope of this total revenue curve is marginal revenue.
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