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Let's assume we are in a perfectly competitive market. If P > MC, then profit ________________________ quizlet

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onyebuchinnaji

In a perfectly competitive market. If P > MC, then profit will be maximized.

When price (P) is greater than marginal cost (MC)

Price will be greater than marginal cost of producing a unit commodity when a firm sales the commodity relative higher that the actual cost of production.

Thus, In a perfectly competitive market. If P > MC, then profit will be maximized.

Learn more about marginal cost here: https://brainly.com/question/11689872

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