Explain the three possible profit maximizing positions of perfectly competitive firms in the short-run.
May i have a detailed explanation worth (15 marks)
Based on the short run, companies usually maximize their profits through identifying outputs that their marginal revenue is equal to the marginal cost.
During a short run, a company may maximize the profit if the average total cost is less compared to the price which is a symbol of a company making profit.
In the short run, a company similarly maximizes the profit if the marginal cost is the same as the price.
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