A Competitive Firm Maximizes Profit By Choosing The Quantity At Which

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A Competitive Firm Maximizes Profit By Choosing The Quantity At Which

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At the profit-maximizing level of output, marginal revenue and marginal cost are exactly equal. Because a competitive firm's output quantity does not affect the price, marginal revenue is always equal to the price, therefore the firm chooses the quantity at which marginal cost equals the price

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