Explain why it is true that for a firm in a perfectly competitive market, the profit-maximizing condition

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Explain why it is true that for a firm in a perfectly competitive market, the profit-maximizing condition MR = MC is equivalent to the condition P = MC.

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Macroeconomics

ISBN: 9780135801741

8th Edition

Authors: Glenn Hubbard, Anthony Patrick O Brien

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Question Posted: Nov 03, 2023 06:29 AM

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Explain why it is true that for a firm in a perfectly competitive market, P = MR = AR.
Explain why it is true that for a firm in a perfectly competitive market, the profit-maximizing condition MR = MC is equivalent to the condition P = MC.
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Explain why it is true that for a firm in a perfectly competitive market, the profit-maximizing condition

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In a perfectly competitive market the key characteristic is that there are numerous small firms prod...View the full answer

Macroeconomics

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