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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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BuyFindarrow_forward

Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

For a perfectly competitive firm, profit maximization does not conflict with resource allocative efficiency. Do you agree? Explain your answer.

To determine

Acceptability of the statement.

Explanation

The given statement is acceptable. Under perfect competitive market, a firm maximizes its profit by producing the goods and services at the point where the marginal cost is equal to marginal revenue (MC=MR). The firm’s profit maximization does not conflict with the resource allocative efficiency

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