Show profits in perfect competition through diagram – InterviewSolution

1.	Show profits in perfect competition through diagram
Answer» show profits in PERFECT competition through diagramExplanation:The market price is set by the supply and demand of the industry (diagram on right)This sets the market EQUILIBRIUM price of P1.Individual firms (on the LEFT) are price takers. ...A firm maximises profit at Q1 where MC = MR.At this price firms make NORMAL profits – because average revenue (AR) = average cost (AC)

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