Suppose a profit-maximizing firm in a perfectly competitive market is colelcting 1,999 in total revenues. if the total cost of its fixed faftors of production falls from 500 to 400 the firm will:_____.

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19-08-2022
Business

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Suppose a profit-maximizing firm in a perfectly competitive market is colelcting 1,999 in total revenues. if the total cost of its fixed faftors of production falls from 500 to 400 the firm will:_____.

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vipinkumar69547 vipinkumar69547 · Answer 1 · 2022-08-24T08:45:47+02:00

Suppose a profit-maximizing firm in a perfectly competitive market is collecting 1,999 in total revenues. if the total cost of its fixed factors of production falls from 500 to 400 the firm will earn greater profits or smaller losses.

Perfect Competition arises when there are many firms selling a homogeneous good to many buyers with perfect information. A firm is a price taker of its goods since none of the firms can individually influence the price of the goods to be purchased or sold. They choose each of their output levels to maximize their profits.

The main goal for a perfect competition firm in maximizing its profits is to calculate the optimal level output at which is it's Marginal Cost [MC]= Market price. The formula for Marginal revenue is Change in total revenue upon change in quantity.

To learn more about perfect competition click here:

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