Economics · Market Structure
In the long run, a firm under perfect competition achieves equilibrium when which of the following conditions is satisfied?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Price = Marginal Revenue = Marginal Cost = Minimum Average Cost✓
- 2Average Cost = Average Revenue only
- 3Marginal Revenue = Price only
- 4Marginal Cost = Marginal Revenue only
Correct answer
Price = Marginal Revenue = Marginal Cost = Minimum Average Cost
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