The perfectly competitive model assumes that firms know when marginal revenue equals marginal costs. a. If a

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The perfectly competitive model assumes that firms know when marginal revenue equals marginal costs.

a. If a firm doesn’t have this information, can it produce at the profit-maximizing level of output?

b. If firms don’t have such knowledge, how might the theory of perfect competition be changed to better reflect reality? (Post-Keynesian)

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Microeconomics

ISBN: 9781260507140

11th Edition

Authors: David Colander

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Question Posted: Mar 14, 2024 04:01 AM

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The perfectly competitive model assumes that firms know when marginal revenue equals marginal costs. a. If a

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Microeconomics

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