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In a competitive market, the output and price combination that maximizes social value is at the point where?
10-13-2012, 04:08 AM
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crwlnjeep Offline
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MC = MR

At this point consumers get all they are willing to pay the cost of production for. And firms sell only products that the cost to produce is less than or equal to the price.
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[] - simplicitus - 10-13-2012, 04:08 AM
[] - crwlnjeep - 10-13-2012 04:08 AM

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