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Non-Competitive Markets — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsNon-Competitive Markets4 Marks
Question
Define revenue. State the relation between marginal revenue and average revenue.
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Answer

Revenue in Economics refers to the market value of output produced Or receipts from sale of output produced.If MR > AR, AR rises.
If MR = AR, AR is constant.
If MR < AR, AR Falls.

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