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When a perfectly competitive firm is in long-run equilibrium, its price will be equal to _______.
- a)Marginal cost
- b)Average cost
- c)Total cost
- d)Average variable cost
Correct answer is option 'B'. Can you explain this answer?
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When a perfectly competitive firm is in long-run equilibrium, its pric...
In long-run equilibrium, the price of a perfectly competitive firm will be equal to its average cost. In a perfectly competitive market, firms will adjust their production levels until they reach a point where price equals average cost. This ensures that firms are covering all their costs, including both fixed and variable costs, while earning zero economic profits. If the price were below average cost, firms would incur losses and exit the market, while if the price were above average cost, new firms would enter the market, increasing competition and driving down prices.
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When a perfectly competitive firm is in long-run equilibrium, its price will be equal to _______.a)Marginal costb)Average costc)Total costd)Average variable costCorrect answer is option 'B'. Can you explain this answer?
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