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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

What two rules does a perfectly competitive firm apply to determine its profit-maximizing quantity of output?

To determine

The two rules that a perfectly competitive firm applies to achieve profit maximizing level of output.

Explanation

A profit maximizing firm is the one that produces that level of output where the marginal revenue is equal to the marginal cost.

The two rules that a perfectly competitive firm applies to determine its profit maximizing output is :

a) Marginal cost equals price equals marginal revenue...

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