Economy, asked by danishcharakdc786, 4 months ago

Explain the condition of a producer equilibrium in term of marginal cost and marginal revenue under prefect competition

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Answered by Ahezamkhan9724

Answer:

Producer’s equilibrium is often explained in terms of marginal revenue (MR) and marginal cost (MC) of production. Profit is maximized (or a producer strikes his equilibrium) when two conditions are satisfied – (i) MR = MC, and (ii) MC is rising (or MC is greater than MR beyond the point of equilibrium output)

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