Problem
The perfectly competitive model assumes that firms know when marginal revenue equals marginal costs.
a. If a firm doesn't have this information, can it produce at the profit-maximizing level of output?
b. If firms don't have such knowledge, how might the theory of perfect competition be changed to better reflect reality? (Post-Keynesian)
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.