In the long-run perfectly competitive equilibrium, firms produce at the minimum of average total cost.

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In perfect competition, firms are price takers and must produce at the lowest cost possible in order to survive. This means producing at the minimum point of their average total cost curve, which is their efficient scale of production. At this point, the firm is producing at the lowest possible cost per unit, maximizing their profits and ensuring they can stay competitive in the market.

In the Long-Run Perfectly Competitive Equilibrium, Firms Produce at the Minimum