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microeconomics
Output Decisions A perfect competitive firm has only one decision to make which is the amount of quantity output it should produce. As this firm prod
it revenues increase steadily at a constant level that the prevailing market price determines. Profit will be optimal or losses will be minimal at the
they are capable of controlling the output level they produce by setting it at profit-maximizing level where MR=MC. Any firm in this market would want
their output decision is that will optimize their profit or minimize their losses. These decisions are: Highest Profit (Total revenue Vs Total costs
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HOT ECONOMICS QUESTIONS
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