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Answer to Question #220807 in Macroeconomics for Thando

Question #220807
businesses do not maximize output from the given inputs
1
Expert's answer
2021-07-27T14:16:01-0400

Even when the input of production is increased, it results in decreased output.


EXPLANATION


The profit-maximizing choice for a perfectly competitive firm will occur at the level of output where marginal revenue is equal to marginal cost—that is, where MR = MC.


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