58: Intro to perfect competition Flashcards by Snoodle Andy | Brainscape

Q

price taking firm’s optimal output rule

A

optimal output occurs where price = marginal cost

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

equivalences of market price in perfect competition

A

market price = that firm’s demand = marginal revenue = average revenue

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

when is it profitable?

A

when P > ATC

How well did you know this?

1

Not at all

2

3

4

5

Perfectly