Which of the following holds true at the chosen level of output in the long run for firms in a perfectly competitive market?

Question

Quizplus · Accepted Answer

In a perfectly competitive market, firms adjust their output so that price equals marginal cost in the long run. This condition ensures that firms are producing at the most efficient level, where the cost of producing an additional unit is exactly equal to the revenue gained from selling that unit.

Which of the Following Holds True at the Chosen Level