Question

Producer equilibrium through MR and MC approach

Answer 1

According to MR-MC approach, the producer is at equilibrium,, when the Marginal Revenue (MR) is equal to the Marginal Cost (MC) and Marginal Cost curve must cut the Marginal Revenue curve from below. ... MR < MCWhen output level is more than OQ, MR < MC, which implies that firm is making a loss on its last unit of output.
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