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精编密训教材，分阶快递。Chapter 10 Perfect Competition
●Demand Curve
The demand curve of market is downward sloping to the right but the demand curve of the firm is horizontal (the price is perfectly elastic).
Therefore, P=MR.
In the LR(Long Run) equilibrium, each firm will take its price from the market. Thus, regardless of the quantity produced and sold, the price for the firm remains constant with the only decision being the optimal quantity to produce given a price.
●Several Implications
P=MR implies that there is no pricing strategy; the demand curve is horizontal.
P=MC implies that the price of the product is equal to the extra cost incurred by the seller in producing the marginal or extra unit of production.
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