In long-run equilibrium in perfect competition, every firm is producing at minimum average cost.

Name: In long-run equilibrium in perfect competition, every firm is producing at minimum average cost.
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In long-run equilibrium, firms in perfect competition are producing at minimum average total cost (ATC), which is achieved when firms operate at their efficient scale where their long-run average cost (LRAC) is at its lowest point. Therefore, every firm is producing at minimum ATC.

In Long-Run Equilibrium in Perfect Competition, Every Firm Is Producing