In the long-run competitive equilibrium, consumers pay for the lowest cost that a firm incurs.

Name: In the long-run competitive equilibrium, consumers pay for the lowest cost that a firm incurs.
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In a long-run competitive equilibrium, firms are operating at their lowest possible average cost and consumers are paying for that cost, resulting in a market price that is equal to the minimum average cost. Therefore, consumers are paying for the lowest cost that a firm incurs.

In the Long-Run Competitive Equilibrium, Consumers Pay for the Lowest