Explain a profit maximising perfectly competitive firm

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Inspect the following statement to see whether it is true or false. If it is true describe why it is true. If it is false describe why it is false and then write the statement correctly.
A profit maximising perfectly competitive firm must select the output level at which the difference between the marginal revenue as well as marginal cost is greatest. This is equal to selecting the output where the spread between total revenue as well as total cost is greatest

Reference no: EM13111497

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