Homework Help: Microeconomics - monopoly vs perfect competition

Posted by Sir Donsball on Tuesday, November 7, 2006 at 2:46am.

This is a good and fun question that I am still scratching my head oever.

We know monopoly's profit maximisation is MC=MR. We also know that perfect competition's profit maximising criteria is such that P=MC.

Just what exactly does this mean?
I know for one that, the firm tries to maxmise profit as a whole and not just per unit profit.

This question is already answered me . Please go through the question and answer of last ten days and you will get the answer.

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