To reach maximum profit in a competitive market, producers should expand production until Maximum revenue has...
To reach maximum profit in a competitive market, producers should expand production until
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Maximum revenue has been generated |
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Marginal cost is at its lowest point |
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Increasing marginal costs reach the price |
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Diminishing returns yield maximum costs |
Homework Answers
Increasing marginal costs reach the price
Explanation :
Perfectly competitive firm maximizes its profit where MR equals MC. In perfect competition price is equals to MR. So when price equals MC firm maximizes its profit.
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