b) Explain the Firm's equilibrium in Perfect Competitive Market with the help of appropia
b)
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In a perfectly competitive market, a firm cannot change the price of a product by modifying the quantity of its output. Further, the input and cost conditions are given. We know that a firm is in equilibrium when its profits are maximum, which relies on the cost and revenue conditions of the firm.
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In a perfectly competitive market, a firm cannot change the price of a product by modifying the quantity of its output. ... We know that a firm is in equilibrium when its profits are maximum, which relies on the cost and revenue conditions of the firm. These conditions can vary in the long and short-term.
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