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H2 Econs > Chapter 9: Decisions and strategies for firms in imperfect competition > Flashcards

Chapter 9: Decisions and strategies for firms in imperfect competition Flashcards

1
Q

How does a firm determine its price snd output?

A

A firm will maximise profits at the output level where MR=MC and will increase production as long as MR>MC. Conversely it will decrease production when MC>MR

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H2 Econs (10 decks)

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