In pure competition, the long-run is characterized by firms producing the product at the lowest possible per-unit cost.

Name: In pure competition, the long-run is characterized by firms producing the product at the lowest possible per-unit cost.
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In pure competition, firms achieve productive efficiency in the long run, meaning they produce at the lowest possible per-unit cost due to competitive pressures and the need to minimize costs to survive.

In Pure Competition, the Long-Run Is Characterized by Firms Producing