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Question
In the perfect competition, when the marginal revenue and marginal cost are equal, profit is _______________.
In the perfect competition, when the marginal revenue and marginal cost are equal, profit is _______________.
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Solution
The correct option is A maximum
Perfect competition
is a type of market where there are large number of buyers and sellers who
deals in homogeneous product due to which no individual unit is able to
influence the price of the product.
In a perfectly competitive market ,the firm maximize it's profit and achieves equilibrium when the marginal cost of the firm is equal to marginal revenue of the firm
Perfect competition is a type of market where there are large number of buyers and sellers who deals in homogeneous product due to which no individual unit is able to influence the price of the product.
In a perfectly competitive market ,the firm maximize it's profit and achieves equilibrium when the marginal cost of the firm is equal to marginal revenue of the firm
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