Macroeconomics
13th Edition
ISBN: 9780134735696
Author: PARKIN, Michael
Publisher: Pearson,
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Question
Chapter 12.1, Problem 3RQ
To determine
Why a firm's marginal revenue curve is also the
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Explain how a firm would maximise its profit, assuming that it faces conditions of perfect competition, in both the short run and the long run.
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Chapter 12 Solutions
Macroeconomics
Ch. 12.1 - Prob. 1RQCh. 12.1 - Prob. 2RQCh. 12.1 - Prob. 3RQCh. 12.1 - Prob. 4RQCh. 12.2 - Prob. 1RQCh. 12.2 - Prob. 2RQCh. 12.2 - Prob. 3RQCh. 12.3 - Prob. 1RQCh. 12.3 - Prob. 2RQCh. 12.3 - Prob. 3RQ
Ch. 12.4 - Prob. 1RQCh. 12.4 - Prob. 2RQCh. 12.5 - Prob. 1RQCh. 12.5 - Prob. 2RQCh. 12.5 - Prob. 3RQCh. 12.6 - Prob. 1RQCh. 12.6 - Prob. 2RQCh. 12.6 - Prob. 3RQCh. 12.6 - Prob. 4RQCh. 12 - Prob. 1SPACh. 12 - Prob. 2SPACh. 12 - Prob. 3SPACh. 12 - Prob. 4SPACh. 12 - Prob. 5SPACh. 12 - Prob. 6SPACh. 12 - Prob. 7SPACh. 12 - Prob. 8SPACh. 12 - Prob. 9SPACh. 12 - Prob. 10APACh. 12 - Prob. 11APACh. 12 - Prob. 12APACh. 12 - Prob. 13APACh. 12 - Prob. 14APACh. 12 - Prob. 15APACh. 12 - Prob. 16APACh. 12 - Prob. 17APACh. 12 - Prob. 18APACh. 12 - Prob. 19APACh. 12 - Prob. 20APACh. 12 - Prob. 21APACh. 12 - Prob. 22APACh. 12 - Prob. 23APA
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- Explain why a competitive firm’s marginal cost curve is the same as its supply curve.arrow_forwardWhy is marginal revenue for a firm in perfect competition equal to the market price?arrow_forwardDoes L&P earn positive economic profit if it produces the allocatively efficient quantity? Explain.arrow_forward
- Why don't firms in a competitive market have excess capacity in the long run?arrow_forwardWhat is the Imperfect competition that refers to any form of market structure other than perfect competition?arrow_forwardIn a long-run equilibrium in a perfectly competitive market, firms earn positive economic profits. Is this true?arrow_forward
- 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.arrow_forwardDoes perfect competition exist in real life?arrow_forwardAssuming that the market for cigarettes is in perfect competition, what does allocative and productive efficiency imply in this case? What does it not imply?arrow_forward
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