Question
Why should equilibrium between marginal cost and marginal revenue be a necessary condition for equilibrium of a firm?
Answer :
Word Count : 308
In microeconomics, a firm’s equilibrium refers to the point where it maximizes its profit or minimizes its losses. The necessary condition for this equilibrium is the equality of marginal cost (MC) and marginal revenue (MR). This is because profit maximization occurs only when the additional cost incurred from producing one more _________ ______ __________ ____ ______ ________ ________ ____ ________ __________ _____.
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In microeconomics, a firm’s equilibrium refers to the point where it maximizes its profit or minimizes its losses. The necessary condition for this equilibrium is the equality of marginal cost (MC) and marginal revenue (MR). This is because profit maximization occurs only when the additional cost incurred from producing one more _________ ______ __________ ____ ______ ________ ________ ____ ________ __________ _____.
____ ___ _________ ___ _____ _____ __________ ________ _____ ______ ____.
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