For a perfectly competitive firm, profit is maximised at the output level where i. total revenue exceeds total cost by the largest amount.
Ii) marginal revenue equals marginal cost.
Iii) price equals marginal cost.

Question

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In perfect competition, profit is maximized where marginal revenue equals marginal cost (ii) and price equals marginal cost (iii). Total revenue exceeds total cost by the largest amount (i) at this output level.

For a Perfectly Competitive Firm, Profit Is Maximised at the Output