In long-run equilibrium, the perfectly competitive firm produces
A) where P = MC = AC.
B) at the lowest point on its long-run average cost curve.
C) where its long-run average cost curve is tangent to its horizontal demand curve.
D) All of the above are correct.
Correct Answer:
Verified
Q163: The entry of firms into a perfectly
Q181: Figure 10-6 Q187: Regardless of quantity in long-run equilibrium, the Q192: Figure 10-6 Q194: In long-run equilibrium under perfect competition, Q202: Perfect competition displays the market mechanism at Q203: Give a complete but concise definition of Q212: A tax on polluting firms Q215: Which of the following statements concerning equilibrium Q220: Draw a graph illustrating the relationship between
A)the firm
A)would shift the
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents