Question

for a firm under perfect competition, profits are not maximized even when mr>mc​

Answer 1

Answer:

If the firm is producing at a quantity where, MR>MC then it can increase output because the MR is exceeding the MC. ... The firm's profit maximizing choice of output will occur where MR=MC(or at a choice close to that point). That's why perfectly competitive firm maximises its profit only when MC=MR