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.© BrainMass Inc. brainmass.com October 9, 2019, 8:41 pm ad1c9bdddf
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 ...
Describe the profit maximizing decision a perfectly competitive firm makes in the short run.