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Discuss and explain how the marginal decision rule, MR = MC, will result in profit maximization for the firm in perfect competition. Why can economic profit exist in the short run but not in the long run?
Fixed-price Policy
A fixed-price policy is a pricing strategy where the seller sets a specific price for a product or service that is not subject to change based on fluctuations in the market or inventory levels.
Penetration Pricing
A pricing strategy where the price of a product is initially set low to enter a competitive market and attract customers.
Skimming Pricing
A pricing strategy where a firm sets relatively high prices at the launch of a new product or service to maximize profits from customers willing to pay more.
Fixed-price Policy
A pricing strategy where the price of a product or service is set and not subject to change based on market fluctuations.
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