4. The perfectly competitive model assumes that firms know when marginal revenue equals marginal costs. a. If
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4. 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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