Which type of profit-maximizing firm will choose to produce where marginal revenue equals marginal cost?

Question

Quizplus · Accepted Answer

All types of firms will choose to produce where marginal revenue equals marginal cost because it maximizes their profit. In a perfectly competitive market, this point determines the market price, and firms are price takers. In monopolistic competition and monopoly, this point determines the optimal price and quantity for the firm to produce.

Which Type of Profit-Maximizing Firm Will Choose to Produce Where