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A firm in perfect competition is producing where marginal cost is above marginal revenue. What should it do?
aRaise its priceYou
It cannot. A price taker sells at the market price or sells nothing.
bReduce output
Each extra unit is costing more than it earns, so the last ones are losing money.
cLeave the market
Profit is at its highest where marginal cost equals marginal revenue. Above it, cutting output raises profit.
- Lecture 6 Perfect Competition.pdf · page 22Open
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