The _____ assumption of the perfectly competitive model ensures that a firm's long-run level of output will be at the minimum of average total cost. Question 2 options: symmetric information many small producers free entry and exit price-taking differentiated product

The _____ assumption of the perfectly competitive model ensures that a firm's long-run level of output will be at the minimum of average total cost. Question 2 options: symmetric information many small producers free entry and exit price-taking differentiated product

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter7: Perefect Competition

Section: Chapter Questions

Problem 10SQ

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Question

The _____ assumption of the perfectly competitive model ensures that a firm's long-run level of output will be at the minimum of average total cost.

Question 2 options:

	symmetric information
	many small producers
	free entry and exit
	price-taking
	differentiated product

Definition Definition Total cost of producing a certain quantity of a good, divided by the quantity produced. It is the sum of all costs (fixed and variable) required to produce one unit of output.

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