Economy, asked by Peekaachu423, 1 year ago

Explain the equilibrium of the firm under perfect competition

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Answered by sadhanavish35

3

At this level it will be maximising its profits. Since marginal revenue is the same as price (or average revenue) under perfect competition, the firm will equalise marginal cost with price to attain equilibrium output. ... PL would then be the demand curve or the average and marginal revenue curve of the firm.

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