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Answer to Question #222614 in Microeconomics for Gilbert mulenga

Question #222614
In a perfect competitive market the typical firm cannot affect the price of its output and so it maxmises profits or minimises losses when marginal cost is?
1
Expert's answer
2021-08-03T12:28:16-0400

Equal to marginal revenue.


Explanation -

Profits will be highest where marginal revenue, which is price for a perfectly competitive firm, is equal to marginal cost.


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