Question

what is a profit maximization condition of a competitive firm in long run for 4 marks​

Answer 1

Explanation:

In order to maximize profits in a perfectly competitive market, firms set marginal revenue equal to marginal cost (MR=MC). ... Over the long-run, if firms in a perfectly competitive market are earning positive economic profits, more firms will enter the market, which will shift the supply curve to the right.

Answer 2

Answer:

In order to maximize profits in a perfectly competitive market, firms set marginal revenue equal to marginal cost (MR=MC). ... Over the long-run, if firms in a perfectly competitive market are earning positive economic profits, more firms will enter the market, which will shift the supply curve to the right