If a firm can maximize its profit by producing the output where price is equal to its marginal cost, the firm is operating in:

Name: If a firm can maximize its profit by producing the output where price is equal to its marginal cost, the firm is operating in:
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Question

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In a perfectly competitive market, firms maximize profit by producing where price equals marginal cost, as they are price takers and cannot influence the market price.

If a Firm Can Maximize Its Profit by Producing the Output