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PERFECT COMPETITION, PROFIT ANALYSIS: A perfectly competitive firm produces the profit-maximizing quantity of output that generates the highest level of profit. This profit approach is one of three methods that used to determine the profit-maximizing quantity of output. The other two methods involve a comparison of total revenue and total cost or a comparison of marginal revenue and marginal cost.
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PERFECT COMPETITION, SHORT-RUN PRODUCTION ANALYSIS A perfectly competitive firm produces the profit-maximizing quantity of output that equates marginal revenue and marginal cost. This production level can be identified using total revenue and cost, marginal revenue and cost, or profit. Because a perfectly competitive firm faces a perfectly elastic demand curve, it efficiently allocates resources by equating price and marginal cost. In addition, the marginal cost curve above the average variable cost curve is the perfectly competitive firm's short-run supply curve.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club trying to buy either handcrafted decorations to hang on your walls or throw pillows for your bed. Be on the lookout for infected paper cuts.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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"A ship ought not to be held by one anchor, nor life by a single hope. " -- Epictetus, philosopher
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G-10
Group of Ten
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