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Question:

What conditions must hold if a profit-maximising firm produces positive output in a competitive market?

Answer:

The following three conditions must hold if a profit maximising firm produces positive level of output (say equilibrium output Q)in a competitive market.
1. MR must be equal to MC at Q*
2. MC should be upward sloping or rising at Q*
3. In short run – Price must be greater than or equal to AVC. i.e. P at Q*
    In long run – Price must be greater than or equal to LAC.


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