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In perfect competition, profit maximization can be explained using two important approaches. The first approach is the Total Revenue (TR) and Total Cost (TC) approach, and the second is the Marginal Revenue (MR) and Marginal Cost (MC) approach. Under perfect competition, a firm is a price taker because it cannot influence market price. Therefore, the price remains constant and marginal revenue is equal to the price of the product. Under the TR-TC approach, profit is maximized when the difference between total revenue and total cost is the greatest. Profit is calculated as π = TR − TC. The firm should choose that level of output where this difference _____ _____ __________ ______ _______.
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