In long-run equilibrium under pure competition, all firms will produce at minimum

Name: In long-run equilibrium under pure competition, all firms will produce at minimum
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Question

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In long-run equilibrium under pure competition, firms adjust their output so that they produce at the minimum point of their average total cost curve. This adjustment ensures that they are as efficient as possible, given the prevailing market conditions.

In Long-Run Equilibrium Under Pure Competition, All Firms Will Produce