b) Profit maximising equilibrium

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Last updated 7:42 PM on 4/20/26
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5 Terms

1
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  • state how firms in perfect competition maximise profit

  • produce output at the level where MC = MR

2
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  • show how market supply affects prices in a perfect market on a graph

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3
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  • state how firms in perfect competition can make supernormal profit in the short-run

  • producing at the output level where MC < MR

4
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  • show a cost/revenue graph for a firm in perfect competition making supernormal profit in the short-run

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5
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  • state how firms in perfect competition can make a loss in the short-run

  • producing at the output level where MC > MR

<ul><li><p>producing at the output level where MC &gt; MR</p></li></ul><p></p>