In an idealized (this should be "perfect" instead) market, the price, p, at which a commodity sells is equal for all producers. Explain why this means that the marginal (note: this should have not said “marginal.” That's my typo.) profit is maximized when C'(x) = p.

In an idealized (this should be "perfect" instead) market, the price, p, at which a commodity sells is equal for all producers. Explain why this means that the marginal (note: this should have not said “marginal.” That's my typo.) profit is maximized when C'(x) = p.

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter8: Production And Costs

Section: Chapter Questions

Problem 15QP

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need help with this math problem, thank you in advance!

In an idealized (this should be "perfect" instead) market, the price, p, at which a commodity
sells is equal for all producers. Explain why this means that the marginal (note: this should
have not said "marginal." That's my typo.) profit is maximized when C'(x) = p.

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