Homework Help: Microeconomics :o)

Posted by James on Sunday, October 29, 2006 at 8:03pm.

"In both monopoly and perfect competition the profit maximising output is at the level at which MR = MC, but only in the latter is the optimum output level such that P = MC"

Explain the above statement by comparing the model of perfect competition with that of monopoly.

Thanks :o)

See my post above.

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