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When profitWhen profit-maximizing firms in perfectly competitive markets are earning economic profits, new firms will enter the market. economic profits are zero. selling the same good at different prices to different customers.
When price is greater than marginal cost for a firm in a competitive market?2. The price faced by a profit-maximizing firm is equal to its marginal cost because if price were above marginal cost, the firm could increase profits by increasing output, while if price were below marginal cost, the firm could increase profits by decreasing output.
What is Mr mc in economics?Profit maximization occurs at the point where marginal revenue (MR) equals marginal cost (MC). If then a profit-maximizing firm will increase output to generate more profit, while if then the firm will decrease output to gain additional profit. Thus the firm will choose the profit-maximizing level of output for which .
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If the market price is $10, how many widgets should this profit-maximizing firm produce?
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