For any given price,a firm in a competitive market will maximize profit by selecting the level of output where price intersects which curve

Question

Quizplus · Accepted Answer

In a competitive market, a firm maximizes profit by producing the quantity of output where the price equals the marginal cost (MC). This is because, in perfect competition, the price is equal to marginal revenue (MR), and profit maximization occurs where MR = MC.

For Any Given Price,a Firm in a Competitive Market Will