Market Equilibrium in Perfect Competition
1.Use the following to demonstrate why a firm producing at the output level where MR=MC will also be able to maximixe its total profit. ( ie be at the point where marginal profit is equal to zero P=170-5Q TC+ 40= 50Q + 5Q2 please show the steps 2.In a perfectly competitive market a firm had to be either "good or lucky" expl