When firms exit a perfectly competitive industry, the market supply curve shifts to the left quizlet9/24/2023 We shall see that the firm can maximize economic profit by applying the marginal decision rule and increasing output up to the point at which the marginal benefit of an additional unit of output is just equal to the marginal cost. Our goal in this section is to see how a firm in a perfectly competitive market determines its output level in the short run-a planning period in which at least one factor of production is fixed in quantity. ![]()
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