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[2 points] Why is the marginal revenue of a perfectly competitive firm equal the market price? [2 points] Riddle: consider two perfectly competitive industries: Coal

  1. [2 points] Why is the marginal revenue of a perfectly competitive firm equal the market price?

  1. [2 points] Riddle: consider two perfectly competitive industries: Coal and Oil. Each face identical demand and cost condition except that the minimum efficient scale output in industry coal is twice that of oil. In the long-run competitive equilibrium, which industry will have more firms?

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