Suppose That in a Competitive Market the Equilibrium Price Is

Multiple Choice

Suppose that in a competitive market the equilibrium price is $2.50. What is marginal revenue for the last unit sold by the typical firm in this market?

A) less than $2.50
B) more than $2.50
C) exactly $2.50
D) The marginal revenue cannot be determined without knowing the actual quantity sold by the typical firm.