Question

With the aid of graphs,explain how the price in a perfect market is determined.how can individual maximize their profit in this market structure

Answer 1

Answer:

Profit Maximization

In order to maximize profits in a perfectly competitive market, firms set marginal revenue equal to marginal cost (MR=MC). MR is the slope of the revenue curve, which is also equal to the demand curve (D) and price (P).

I hope it will be helpful to you friend