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Answer to Question #227671 in Economics for Kamogelo

Question #227671
If a perfectly competitive firm’s marginal cost is greater than its marginal revenue at its current level of production, what must the firm do to increase its profit?
1
Expert's answer
2021-08-20T08:49:23-0400

If a perfectly competitive firm’s marginal cost is greater than its marginal revenue at its current level of production, then the firm must decrease production to increase and maximize its profit, until MR = MC.


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