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Answer to Question #126947 in Microeconomics for Phumudzo

Question #126947

Explain, with the aid of a graph, the short run equilibrium position of a firm

operating in the monopolistic competitive market structure”.  



1
Expert's answer
2020-07-22T08:37:22-0400

The firm maximizes its profits and produces a quantity where the firm's marginal revenue (MR) is equal to its marginal cost (MC). The firm is able to collect a price based on the average revenue (demand) curve.


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