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- why does price equal marginal revenue for the perfectly competitive firm? what is the relationship to the demand curve for the firm?Will a profit-maximizing firm in a competitive market ever produce a positive level of output in the range where the marginal cost is falling? Give an explanation.At the profit-maximizing output level, what will be the relationship between the perfectly competitive firm's Price and Marginal Cost?
- Suppose you are a seller in a perfectly competitive market, and you are not happy with the existing selling price of your product, would you raise the price even by a few centavos? explain your answer“In a perfectly competitive market, firms always operate at the lowest per-unit cost." Is the preceding statement true or false? Explain your answer.Is it true that a firm in a perfectly competitive market will never be able to earn positive profits?