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WAEC Economics 2023 Question 21

Question 21

Market Structures

The average revenue curve of a firm in a perfect market is the same as the

  1. A.supply curve of the firm.
  2. B.demand curve of the firm.
  3. C.total revenue curve of the firm.
  4. D.average cost curve of the firm.
Show the answer and explanation

Answer: B (demand curve of the firm.)

Explanation

AR shows the price at each quantity, which is the firm's demand curve.