Figure 8.7.3
-Refer to Figure 8.7.3 above. As the competitive industry, not just the firm in question, moves toward long-run equilibrium, the firm will be forced to operate at what level of output?

Question

Quizplus · Accepted Answer

In long-run equilibrium, a firm in a competitive industry will produce at the minimum point of its long-run average cost curve, which typically corresponds to the most efficient scale of production. This is often where the firm can produce at the lowest cost per unit, which is likely to be at an output level of 50 in this context.

Figure 8.7.3 -Refer to Figure 8.7.3 Above. as the Competitive Industry, Not