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.


Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Place free inquiry
Calculate the price
Learn more about our help with Assignments: Microeconomics

Comments

No comments. Be the first!
Our fields of expertise
Submit Your Assignment. We Can Do It.
LATEST TUTORIALS
APPROVED BY CLIENTS
Finding a professional expert in "partial differential equations" in the advanced level is difficult. You can find this expert in "Assignmentexpert.com" with confidence. Exceptional experts! I appreciate your help. God bless you!
Canada #340153 on Dec 2023