Question

for a price taking firm marginal revenue is equal to (in fill in the blanks)
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Answer 1

Answer:

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Explanation:

To maximize profit, a price taker must produce at an output where the marginal revenue (MR) is equal to the marginal cost (MC). In other words, the additional revenue generated from selling wheat must be equal to the additional cost of producing that wheat. Therefore, Price* = MR = MC to maximize profit.