Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 12, 2024

Why is the equality of marginal revenue and marginal cost essential for profit maximization in all market structures? Explain why the price can be substituted

Why is the equality of marginal revenue and marginal cost essential for profit maximization in all market structures?

Explain why the price can be substituted for marginal revenue in the MR = MC rule when an industry is perfectly competitive.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

International Economics

Authors: Robert Carbaugh

15th edition

1285854357, 978-1305177093, 1305177096, 978-1285854359

More Books

Students also viewed these Economics questions

Question

★★★★★

In this chapter, we saw that Amy, of Amys Baking Company, didnt do such a good job responding to a customers review. Rewrite Amys response to get a better reaction.

Answered: 1 week ago

Question

★★★★★

If the strWord variable contains the string crispy, which of the following statements assigns the letter s to the strLetter variable? a. strLetter = strWord.Substring(3) b. strLetter =...

Answered: 1 week ago

Question

★★★★★

3. I know I will be able to learn the material for this class.

Answered: 1 week ago

Question

★★★★★

On August 20, Mr. and Mrs. Cleaver decided to buy a property from Mr. and Mrs. Ward for $105,000. On August 30, Mr. and Mrs. Cleaver obtained a loan commitment from OKAY National Bank for an $84,000...

Answered: 1 week ago

Question

★★★★★

unit 2 ip program capstone

Answered: 1 week ago

Question

★★★★★

Usually-Ready Battery Inc. bonds sell for $846.04. The coupon rate is 8%, paid semi-annually and the bonds mature in 25 years. The companys tax rate is 30%. What is Usually-Ready's after-tax cost of...

Answered: 1 week ago

Question

★★★★★

A spaceship is orbiting around the Earth. The mass of Earth is 5.98 x 1024 kg, and the mass of the spaceship is 8600 kg. Let R be the distance from the center of Earth. If this distance changes from...

Answered: 1 week ago

Question

★★★★★

5. Two events occur at positions on the x-axis separated by a distance of Ax and by a time interval of At, according to one observer (Ann). Ann notes that when the first event occurs (a flash of...

Answered: 1 week ago

Question

★★★★★

A transverse mechanical wave is traveling along a string lying along the x-axis. The displacement of the string as a function of position and time, y(x, t), is described by the following equation:...

Answered: 1 week ago

Question

★★★★★

Dominic's Deli recently calculated its annual break-even sales revenue to be $280,000. For each dollar of sales revenue, $0.40 goes to cover variable costs. a. Compute the contribution margin ratio....

Answered: 1 week ago

Question

★★★★★

Which of the following steps is not associated with the "Silent Phase" of the Change Process? Group of answer choices Generate urgency Maintaining motivation Build coalition Create vision

Answered: 1 week ago

Question

★★★★★

Please do fast!! I will rate you good for sure!! Please send me typed answer!! Demonstrate the concept of equivalence using the different loan repayment plans described below. Each plan repays 69...

Answered: 1 week ago

Question

★★★★★

2. As your starting point, take a situation at your workplace that often recurs, and answer the following questions: (a) Which elements are included? (b) How are the elements related to each other?...

Answered: 1 week ago

Question

★★★★★

A greater tendency to create winwin situations.

Answered: 1 week ago

Question

★★★★★

Improving creative problem-solving ability.

Answered: 1 week ago

Previous Question Next Question