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Please see the attached PNG with the question and graph - Refer to Exhibit 2: If the product is produced under perfect competition, how do you
Please see the attached PNG with the question and graph - Refer to Exhibit 2: If the product is produced under perfect competition, how do you determine what price will be charged and what quantity will be produced? a. P1 is the equilibrium price - the demand curve (D) crosses the MC curve and quantity is Q2.b.The price is the equilibrium price determined by point C, P2, and the quantity is Q1.c. The equilibrium price is where MR intersects with MC, P1, and quantity is Q1.d. none of the aboveI think the answer is C, because price will be when MR=MC which would be at P1 or point B on the chart?
