In the long-run equilibrium, perfectly competitive firms produce the level of output such that
A) marginal cost is minimized.
B) average total cost is minimized.
C) marginal cost equals the price.
D) Both answers B and C are correct.
D
Economics
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Firms in perfect competition have no control over
a. all of the following b. where to operate on their average total cost curves c. what price to charge d. how many inputs to use e. how much to produce
Economics
If frictional unemployment increased, but structural unemployment decreased by more, the natural rate of unemployment:
a. Would increase b. Would not change c. Would decrease d. Would be affected in an unpredictable manner
Economics