Why does the profit maximizing level of product occur

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(a) Why does the profit maximizing level of product occur at the point where marginal revenue equals marginal cost?

(b) Explain the different possible profit outcome for a Perfectly competitive firm in the short run versus the long run. Explain why the y occur

(c) What are some the potential obstacles that can prevent a market from reaching the efficient outcome? Briefly defined each obstacle

Reference no: EM132505105

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