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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Microeconomics

ISBN: 978-0134737508

7th Edition

Authors: Glenn Hubbard, Anthony O'Brien

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Question Posted: Apr 05, 2024 11:00 PM

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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 profitmaximizing condition for a firm boils down to MR MC bein...View the full answer

Microeconomics

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