Question
For any given price, a firm in a competitive market will
maximize profit by selecting the level of output at which price intersects theSolution
A perfectly competitive firm maximizes profit by producing the quantity at which Marginal Revenue equals Marginal Cost (MR = MC). Since the firm is a price taker, Price = Marginal Revenue (P = MR). Therefore, the profit-maximizing output is determined where the price line intersects the marginal cost curve.
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