The first step to be undertaken by a profit-maximizing monopolistic competitor wanting to decide what price to charge is to:_______

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11-08-2022
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The first step to be undertaken by a profit-maximizing monopolistic competitor wanting to decide what price to charge is to:_______

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uzairteacher uzairteacher · Answer 1 · 2022-08-21T20:51:30+02:00

The first step to be undertaken by a profit-maximizing monopolistic competitor wanting to decide what price to charge is to select the profit-maximizing quantity to produce.

The fist step for a monopolistic competitor is to determine the output level based on the marginal costs and marginal revenues.

Let's say a pizza making company has to find out its profit-maximizing quantity.

If the marginal revenue is greater than the marginal cost than the the company will maximize its production level.

This is because each marginal unit adds profit by bringing more revenue.

However, if the marginal cost exceeds marginal revenue then the company will reduce its output levels.

Hence if MR=MC then the company will keep producing up to the quantity and vice versa.

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