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:Because all firms want to maximize profits, and profits are at their maximum when marginal profit = 0. But marginal profit (MP)= MR-MC, so when MP=0, then MR-MC=0, which means MR=MC. That is when total profits are at their maximum for a firm.
:Because all firms want to maximize profits, and profits are at their maximum when marginal profit = 0. But marginal profit (MP)= MR-MC, so when MP=0, then MR-MC=0, which means MR=MC. That is when total profits are at their maximum for a firm.
== Topic 2 ==
== Quizlet Cards ==
Here are some quizlet cards for studying for the final exam/CLEP test. If you see a mistake in the cards, reply below and I'll fix it! :)
[http://quizlet.com/_eb9y9 Cost Measures in Perfect Competition]
[http://quizlet.com/_ebn2u Cost Measures in Monopolies/Monopolistic Competitions]
== Topic 3 ==
== Topic 3 ==