Price-taking Firm:
For a price-taking firm MR = AR = P. Since price is equal to marginal revenue, they have a special necessary condition for profit maximization which is:
P = MC
The sufficient condition is the same
Figure 6.8 Profit Maximisation for a Price-taking Firm
The price-making firm will be in equilibrium when it produces an output level of OPe and sells at price OPe.