Assume a perfectly competitive firm is producing a level of, Business Economics

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Assume a perfectly competitive firm is producing a level of

Assume a perfectly competitive firm is producing a level of output at which MR < MC. What should the firm do to maximize its profits?

The firm should do nothing — it wants to maximize the difference between MR and MC in order to maximize its profits.

The firm should decrease output.

The firm should increase price.

The firm should increase output.

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Business Economics: Assume a perfectly competitive firm is producing a level of

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