When a perfectly competitive market is in long-run equilibrium, a firm in that market produces the quantity where _____ is lowest.

Name: When a perfectly competitive market is in long-run equilibrium, a firm in that market produces the quantity where _____ is lowest.
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Question

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In long-run equilibrium, a perfectly competitive firm produces at the quantity where average total cost is lowest. This point ensures the firm is operating at its most efficient scale, neither making economic profits nor incurring losses.

When a Perfectly Competitive Market Is in Long-Run Equilibrium, a Firm