In the long run, perfectly competitive firms are at equilibrium when: (LMC Long-Run Marginal Cost; LAC = Long-Run Averag
Posted: Fri Jul 01, 2022 7:54 am
In the long run, perfectly competitive firms are at equilibrium when: (LMC Long-Run Marginal Cost; LAC = Long-Run Average Cost) P = LAC > LMC P= LMC > LAC P = LMC = LAC. P = MR.