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To find the level of output produced by a firm, we need to analyze the relationship between total cost (TC), total revenue (TR), and profit. In microeconomics, the firm aims to maximize its profit, which is the difference between total revenue and total cost. The profit-maximizing level of output occurs where marginal cost (MC) is equal to marginal revenue (MR), provided that marginal cost is rising. Let us consider a general approach. Suppose the firm is operating in a perfectly competitive market. In such a market, the firm is a price taker and faces a horizontal demand curve. Therefore, the price ___ ____ _____ ____ _________ ______ ________.
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