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20 January, 11:33

In the short run, perfectly (or purely) competitive firms will maximize their profit by producing (select all options that apply) :

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  1. 20 January, 11:59
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    In the short run, perfectly (or purely) competitive firms will maximize their profit by producing: the quantity where marginal revenue = marginal cost and where quantity when the price = marginal cost.

    A perfectly competitive firm is a theoretical market structure when all firms sell the same product where there is no influence on the price that consumers pay. Marginal revenue is the additional revenue that a company earns by increasing their production by one more cost. Marginal cost refers to the cost added by producting one more product.
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