There are a few ways that a firm can use to increase the profit
depending on the market they are operating,
- In a perfect market the firm is a price taker and cannot set
the price of the goods they can only set the quantity. ot maximise
the profit they will try to reduce the cost of production and
produce as mush as they can.
- IN a monopoly market, the firm need to research and develop new
products that they can sell in the market and thy will get profit
even in the long run.
- In a monopolistic competitive market, they will have to
differentiate their goods to maximise the profit.