In a perfectly competitive market, the firm is in long-run equilibrium at the output where?...
ECONOMICS
JAMB 1991
In a perfectly competitive market, the firm is in long-run equilibrium at the output where?
- A. marginal cost is minimum
- B. average cost is minimum
- C. total cost is minimum
- D. marginal cost revenue is maximum
Correct Answer: B. average cost is minimum
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