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    Describe the profit maximizing decision.

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    Can you please describe the profit maximizing decision a perfectly competitive firm makes in the short run and explain why this firm can make profits in the short run, but profits are not possible in the long run.

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    https://brainmass.com/economics/output-and-costs/describing-profit-maximizing-decision-159709

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    For a competitive firm, the price it receives does not depend on the quantity it chooses to sell. Marginal revenue equals the price of its output. A competitive firm can only ...

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    Describe the profit maximizing decision a perfectly competitive firm makes in the short run.

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