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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

The perfectly competitive firm does not increase its quantity of output without limit, even though it can sell all it wants at the going price. Why not?

To determine

Explain the reason for perfectly competitive firm that does not increase its quantity of output without limit, even though it can sell all it wants at the going price.

Explanation

Without considering the limitless demand, the firms under perfectly competitive market take its own cost curve into account. Thus, the firms only sell the quantity of goods and services at the point where the price is equal to marginal cost (P=MC)

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