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Explain Price and Output Determination under short period using with diagram's(Under Perfect Competition).
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written 3.5 years ago by
prajapatijaimin
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• modified 3.5 years ago |
Solution:
Price and Output Determination under short period:
A firm is said to be in equilibrium in a short period where marginal cost (MC) is equal to marginal revenue (MR) and the curve MC cuts MR from below.
This also determines the level of output. A short period is a …
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