(Solved): When a firm is operating in a perfectly competitive market, which of the following best describes ma ...

When a firm is operating in a perfectly competitive market, which of the following best describes marginal revenue? Select one: a. It is equal to price. b. It is equal to the change in output divided by the change in total revenue. c. It is equal to zero when the market is in long-run equilibrium. d. It is always less than price.