In a perfectly competitive market, if a firm finds it is producing an amount of output such that its marginal cost exceeds its price, it will

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In a perfectly competitive market, if a firm's marginal cost exceeds its price, it means the cost of producing an additional unit is greater than the revenue it would bring in. To maximize profits, the firm should decrease its output until marginal cost equals the price.

In a Perfectly Competitive Market, If a Firm Finds It