In the short run, the perfectly competitive firm will seek out the quantity of output where profits are highest.
This is the term that is used to refer to the market that has limited restrictions as compared to the monopolist firm.
This is the firm that has many number of sellers and buyers of the same types of products in the market which are not differentiated. This type of market has perfect information. No single producer in the market has the power to raise the price of the goods and the services in the market to their favor.
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