-If this industry is perfectly competitive,the profit-maximizing price and quantity will be:

Name: -If this industry is perfectly competitive,the profit-maximizing price and quantity will be:
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Question

Quizplus · Accepted Answer

In a perfectly competitive market, the profit-maximizing quantity is where marginal cost equals marginal revenue, which is also the market price. Therefore, the price and quantity are determined where the supply and demand curves intersect, typically represented as P₂ and Q₂.

-If This Industry Is Perfectly Competitive,the Profit-Maximizing Price and Quantity