Which of the following does NOT describe the long run under perfect competition?

Question

Quizplus · Accepted Answer

In the long run under perfect competition, firms adjust their scale of operation such that their long-run average total cost is minimized, not necessarily their long-run marginal cost. The minimization of long-run marginal cost is not a characteristic of the long run under perfect competition; instead, firms aim to produce where price equals long-run marginal cost, which coincides with the minimum point of the long-run average total cost curve when economic profits are zero, and there is no incentive for entry or exit.

Which of the Following Does NOT Describe the Long Run