Economics · Production and Costs
Which of the following conditions ensures productive efficiency in the long run?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Firm achieves profit maximization
- 2Firms earn zero economic profit
- 3Price equals marginal cost (P = MC)
- 4Production occurs at minimum average cost (Min AC)✓
Correct answer
Production occurs at minimum average cost (Min AC)
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