For a price-taking firm, the market price is equal to marginal revenue and _____.

Average Revenue.

The correct answer is Option (4) → Average Revenue.

A price-taking firm (in perfect competition) sells its product at a fixed market price — it cannot influence the price.

• The price (P) remains constant for every unit sold.

• Hence, Average Revenue (AR) = Total Revenue / Quantity = Price.

• Also, Marginal Revenue (MR) = Change in Total Revenue / Change in Quantity = Price.

Thus, for a perfectly competitive (price-taking) firm: P=AR=MR