The marginal revenue of a firm with market power is calculated by MR = P + (P/Q) Q. Which of these statements describes the marginal revenue of a firm incorrectly? Having a steeper demand curve tends to reduce a firm's profit-maximizing output level. P/Q is a measure of how steep the demand curve is. The marginal revenue of a firm with market power will always be greater than the market price. The second component in the marginal revenue formula represents a loss in revenue