Business owners of small firms shared that they have been struggling through the COVID19 pandemic. You are aware that th

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Business owners of small firms shared that they have been
struggling through the COVID19 pandemic. You are aware that the
market prices of products are increasing. Should you increase the
price level of your products, too? And should you increase the
output levels (producing more)?
You will use relevant knowledge of a perfectly competitive
market and profit maximization to analyze the decisions of output
and price levels during the pandemic outbreak.
Assumption: Small
firms are profit maximizers operating in a perfectly competitive
market.