A firm's long-run position under perfect competition is often said to be efficient because

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In perfect competition, firms produce at the point where MC = MR in the short run, and in the long run, firms produce at the point where P = MC = ATC. This is considered efficient because the firm is producing at the minimum point on the ATC curve, maximizing the use of its resources and minimizing costs. In addition, price equals both marginal revenue and marginal cost, indicating that the firm is producing at the socially optimal level.

A Firm's Long-Run Position Under Perfect Competition Is Often Said