In the long run a perfect competitor's output is _________ equal to its most efficient output.

Question

Quizplus · Accepted Answer

In the long run, a perfect competitor produces at the minimum point of the average total cost curve, which represents the most efficient output level. This is because perfect competition requires firms to operate at a zero economic profit, and producing at any other output level would result in higher costs and lower profits. Therefore, a perfect competitor's output is always equal to its most efficient output in the long run.

In the Long Run a Perfect Competitor's Output Is _________