Irrespective of the market structure,a firm maximizes profit where the price of its product equals its marginal cost.

Question

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In perfect competition, a firm maximizes profit where price equals marginal cost. However, in other market structures like monopoly or monopolistic competition, firms maximize profit where marginal revenue equals marginal cost, not necessarily where price equals marginal cost.

Irrespective of the Market Structure,a Firm Maximizes Profit Where the Price