A perfectly competitive firm is producing at the point where its marginal cost equals its marginal revenue. If the firm boosts its output, its total revenue will rise and its total profit will fall.
A perfectly competitive business must accept the equilibrium price at which it sells its products because it is a price taker. A completely competitive business will not be able to generate any sales if it seeks to charge even a small amount above the going rate.
A perfect market, also known as an atomistic market, is defined by various idealizing conditions, which are together referred to as perfect competition, or atomistic competition, in economics, specifically general equilibrium theory.
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