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Economics 12th Edition by William Baumol, Alan S Blinder
Edition 12ISBN: 978-0538453691Economics 12th Edition by William Baumol, Alan S Blinder
Edition 12ISBN: 978-0538453691 Exercise 4
Explain why P = MC in the short-run equilibrium of the perfectly competitive firm, whereas in long-run equilibrium P = MC = AC.
Explanation
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In perfect competition the price is dete...
Economics 12th Edition by William Baumol, Alan S Blinder
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