A perfectly competitive firm will set MR = MC in order to maximize profit in the short
Question:
1. Graphically show a perfectly competitive firm’s profit maximizing price and quantity.
2. Explain whether or not perfectly competitive firms exhibit resource allocative efficiency.
3. Explain how the perfectly competitive firm decides whether to operate or shut down in the short run.
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1 According to the profit maximization rule a firm will produce ...View the full answer
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