In long run equilibrium, the perfect competitive firm produces. a) where P=MC=AC b) at the lowest point on it's long run average cost curve. c) where tts long run average cost curve is tangent to its horizontal demand curve. d) all of the above..
In long run equilibrium, the perfect competitive firm produces. a) where P=MC=AC b) at the lowest point on it's long run average cost curve. c) where tts long run average cost curve is tangent to its horizontal demand curve. d) all of the above..
Chapter7: Perefect Competition
Section: Chapter Questions
Problem 10SQP
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In long run equilibrium, the
a) where P=MC=AC
b) at the lowest point on it's long run average cost curve.
c) where tts long run average cost curve is tangent to its horizontal demand curve.
d) all of the above..
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