Respuesta :
c. Influence the product's selling price on the market.
Firms use the microeconomics concept of profit maximization to set prices, output, and inputs that result in higher profits. By producing at a point where marginal cost equals marginal revenue, most or all businesses maximize profits.
By inserting the profit-maximizing quantity into the inverse demand curve, the profit-maximizing price can be determined. A general method for determining the markup rate for companies with market power is helpful. The percentage of a company's price that is higher than its marginal cost is known as markup.
How do profits and market power relate to one another?
In financial matters, market power alludes to the capacity of a firm to impact the cost at which it sells an item or administration by controlling either the stock or interest of the item or administration to increment monetary benefit.
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